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20130531 impact investment initiative daiwa

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20130531 impact investment initiative daiwa

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20130531 impact investment initiative daiwa

  1. 1. 1 Mission ▼ Leveraging Financial Capabilities towards a Sustainable Society.
  2. 2. 2 Others 35% Daiwa 65% Source : Daiwa Securities Fixed Income Sales Dept. Impact Investment Initiative ▼Uridashi in Japan ▼Daiwa Securities Total 697.2(billion yen) Total 450.2 Climate Change, 155.9 Poverty, 129.3 Vaccine, 124.7 Foods, 28.6 Education,11.8 Period : Mar. 2008 to Mar.2013 ▼Impact Investment Bonds
  3. 3. 3 Impact Investing Bond Placements for Retail Clients Year Name Issuer Application Currency Coupon Tenor Settlement Date in Japan A m ount (Y E N 100m illion) Vaccine Bonds IFFIm Supports vaccinations for children in developing countries ZAR 9.90% 2y 2008/3/19 213 World CO2LTM Bonds World Bank Linking interest rate on bonds to certified emissionsreductions (CERs) generated by a Chinese hydropowerplant to help build the emission credit market USD Floatin g 5y3m 2008/6/27 27 ZAR 6.26% 295 AUD 2.60% 27 NZD 2.65% 86 Microfinance Bonds IFC Used for microfinance (small-scale financial services for the poor) AUD 5.10% 3y 2009/11/20 246 Green Bonds World Bank projects which control global environment & climate change such as global warming NZD 5.23% 5y 2010/2/3 97 Vaccine Bonds IFFIm Supports vaccinations for children in developing countries ZAR 7.15% 3y 2010/3/24 309 ZAR 7.18% 3y 265 AUD 4.40% 2y 339 ZAR 6.68% 3y 156 AUD 4.27% 2y 170 Microfinance Bonds European Bank for Reconstruction and Development Provides investments and loans to microfinance institutions supplying financial services to small businesses ZAR 6.70% 3y 2010/6/15 87 Poverty Reduction Bonds Inter-American Development Bank Supports poverty alleviation projects in Latin America and the Caribbean BRL 8.12% 4y 2010/7/15 139 Education Bonds African Development Bank Supporting education dissemination and expansion projects in Africa ZAR 5.95% 3y 2010/8/30 118 ZAR 5.70% 175 AUD 4.00% 115 Climate Awareness Bonds European Investment Bank Supports projects related to renewable energy and energy efficiency as key issues in addressing TRY 6.62% 3y 2010/11/12 98 2009/2/203y 2008 2009 Vaccine Bonds IFFIm Supports vaccinations for children in developing countries 2010 Water Bond Asian Development Bank 2010/4/16 2010/5/21 Climate Awareness Bonds European Investment Bank Supports projects related to renewable energy and energy efficiency as key issues in addressing Supports water-related projects in the Asia-Pacific Microfinance Bonds International Finance Corporation Used for microfinance (small-scale financial services for the poor) 3y 2010/9/22
  4. 4. 4 Impact Investing Bond Placements for Retail Clients Year Name Issuer Application Currenc y Coupo n Teno r Settlement Date in Japan A m ount (Y E N 100m illion) Poverty Reduction Bonds Inter-American Development Bank Supports poverty alleviation projects in Latin America and the Caribbean BRL 7.05% 3y 2011/2/2 196 Vaccine Bonds IFFIm Supports vaccinations for children in developing countries BRL 7.81% 3y 2011/3/31 189 Environmental Bonds NIB Measure against Air and Water polutions ZAR 4.90% 4y 2011/11/25 91 0.38% 4y 65 1.14% 10y 30 Water Bond Asian Development Bank Supports water-related projects in the Asia-Pacific TRY 6.29% 3y 2012/2/22 216 Agri bond Rabobank Supporting sustainable agribusiness in developing countries TRY 7.00% 2y 2012/7/20 83 AUD 0.50% 10y 26 AUD 75 AUD 2 TRY 4.68% 4y 66 ZAR 5.23% 4y 39 50 25 25 50 25 25 AUD 4.02% 5y 2013/2/27 103 ZAR 5.66% 4y 2013/2/27 101 TRY 5.34% 5y 2013/3/28 47 ZAR 5.31% 5y 2013/3/28 82 Microfinance Bonds IFC Used for microfinance (small-scale financial services for the poor) ZAR 5.20% 5y 2013/4/19 90 Source :Daiwa Securities Fixed Income Sales Dept. Period :Mar. 2008∼Mar.2013 2012 JICA Bonds JICA 0.72% 6y 10y 5y 2012/12/26JPY 0.30% 2.91% 2012/10/24 Projects which control global environment & climate change such as global warming Microfinance Bonds IFC Green Bonds World Bank Used for microfinance (small-scale financial services for the poor) 2012/11/21 2013 Agri bond Rabobank Vaccine Bonds IFFIm Supports vaccinations for children in developing countries Yen Loan to developing countries help economic development Supporting sustainable agribusiness in developing countries JICA Bonds JICA Yen Loan to developing countries help economic development JPY 2011/12/20 2011
  5. 5. 5 Daiwa Microfinance Fund (DMF) ■ Creating Opportunities for 59,032 people in Emerging Countries ■ Key findings 1 20MFIs Gross Loan Portfolio is 3 billion USD. Outreach is 2.79million loan users (1$/¥100) 2 DMF lends 55million USD to 20MFI、social impacts to 59,032 loan users 3 DMF impacts to GLP is 1.8%、 to Total Loan users is 2.1% 4 DMF Average Lending rate is 10.9%   ■Assumptions ・Data from MIX Market and Asset Management Report(as of Feb. 23 2013) ・Most recent data is used. i.e.FY2011 data is included ■ Daiwa Microfinance Fund Impact & financial return 2.1% as of 2013/3/31 Name of MFI Country & Currency Gross Loan portfolio amount lennding from DMF DMF contribu shion Number of borrowers Average borrowing Impact of DMF Lending rate Annual revenuew to DMF 1 Access Bank Azerbaijani manat 527,783,179 4,000,000 0.76% 126,446 4,174 958 8.5% 340,000 2 AzerCredit Azerbaijani manat 52,787,700 863,000 1.63% 59,751 959 900 10.5% 90,615 3 FORUS Russian Ruble 53,302,188 2,000,000 3.75% 11,476 4,645 431 11.9% 237,800 4 Inicjatywa Mikro Polish Zloty 10,200,000 143,000 1.40% 1,769 9.2% 13,199 5 PRASAC Thai Baht 214,589,000 370,000 0.17% 134,146 1,600 231 8.4% 30,969 6 TPC Cambodia Riel 48,342,250 2,000,000 4.14% 122,077 396 5,051 12.2% 243,000 7 Ujjivan Indian Rupee 172,101,702 5,600,000 3.25% 941,338 183 30,601 13.1% 734,720 8 Camesa Mexico Mexican Peso 81,107,918 600,000 0.74% 299,308 271 2,214 10.8% 64,500 9 NBD Bank Russian Ruble 275,400,000 10,200,000 3.70% 3,241 11.1% 1,136,280 10 FINCA Russia Russian Ruble 33,569,563 1,560,000 4.6% 11,281 2,976 524 11.6% 181,584 11 Banco Popular (BancoHonduras Lempira 49,900,176 1,148,000 2.3% 16,659 2,700 425 14.0% 160,720 12 Crear Arequipa Peruvian Nuevo Sol 238,276,438 7,000,000 2.9% 134,781 1,768 3,959 9.5% 662,900 13 FINCA Azerbaijan Azerbaijani manat 153,545,297 3,344,813 2.2% 139,956 1,121 2,984 10.0% 334,481 14 Genesis Guatemala Quetzal 84,288,141 2,345,000 2.8% 157,465 535 4,383 9.0% 211,050 15 Xac Bank Mongolia To uguruku 414,411,403 7,024,000 1.7% 77,345 5,083 1,382 12.0% 842,880 16 EDPYME Solidaridad Peruvian Nuevo Sol 35,387,501 555,000 1.6% 23,502 1,506 369 10.5% 58,275 17 Coocique Costa Rica Colon 110,800,000 2,975,000 2.7% 17,072 4,051 734 12.3% 365,925 18 Bank Andara Indonesian Rupiah 18,200,000 299,000 1.6% 165 10.3% 30,648 19 EDPYME Raiz Peruvian Nuevo Sol 179,952,021 501,000 0.3% 96,009 1,874 267 10.4% 52,254 20 Popayan Colombian Peso 346,185,217 3,000,000 0.9% 417,479 829 3,619 9.1% 273,300 total 3,100,129,694 55,527,813 1.8% 2,791,266 941 59,032 10.9% 6,065,100 total-4-9-18 2,796,329,694 44,885,813 1.6% 2,786,091 760 59,032 10.9% 4,884,974
  6. 6. 66 17% 32% 18% 3% 30% 55% 7% 7% 4% 27% Billions of dollars, as of the end of 2009 Japan* United Kingdom* Germany* France* United States (%) (%) (%) (%) (%) Total Financial Assets 15,638 100.0 6,709 100.0 6,688 100.0 5,388 100.0 44,510 100.0 Currency and deposits 8,592 54.9 1,913 28.5 2,560 38.3 1,553 28.8 7,756 17.4 Life insurance and pension fund reserves 4,228 27.0 3,615 53.9 2,241 33.5 2,126 39.5 13,191 29.6 Shares and other equity 1,104 7.1 744 11.1 523 7.8 879 16.3 13,972 31.4 Mutual funds and securitis other than shares 1,047 6.7 218 3.3 1,315 19.7 504 9.4 8,135 18.3 Others 668 4.3 218 3.3 49 0.7 327 6.1 1,457 3.3 Total Financial Liabilities 4,085 26.1 2,474 36.9 2,193 32.8 1,864 34.6 14,068 31.6 Net Financial Assets 11,553 73.9 4,235 63.1 4,495 67.2 3,524 65.4 30,442 68.4 Deep pocket is seeking decent returns Primary sources: Japan: Bank of Japan, Flow of Funds Accounts , June 17, 2010 United Kingdom: Office for National Statistics, Financial Statistics No 580, August 2010 Germany: Deutsche Bundesbank, Financial Accounts for Germany 1991 to 2009. France: Banque de France, Financial Accounts and Financial Balance Sheets, June1, 2010. United States: Federal Reserve Statistical Release, Flow of Funds Accounts, June10, 2010. * converted into US dollars based on the year-end exchange rates of GBPUSD=1.62, EURUSD=1.43, USDJPY=92.90 Mobilizing for Impact Investment Japan United Kingdom Germany France United States Currency and deposits Life insurance and pension fund reserves Shares and other equity Mutual funds and securitis other than shares Others Currency and deposits Currency & deposits Insurance & PensionShares Mutual funds Others 29% 3%3% 54% 11% 20% 1% 38% 34% 8% 29% 9% 6% 16% 40% Insurance & Pension Shares Mutual funds ▼Household Financial Assets Primary sources: Japan: Bank of Japan, Flow of Funds Accounts , June 17, 2010 United Kingdom: Office for National Statistics, Financial Statistics No 580, August 2010 Germany: Deutsche Bundesbank, Financial Accounts for Germany 1991 to 2009. France: Banque de France, Financial Accounts and Financial Balance Sheets, June1, 2010. United States: Federal Reserve Statistical Release, Flow of Funds Accounts, June10, 2010.

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