Keio BS　20121024　Daiwa

Keio Business School
-Strategic Management with Social Impacts-

Social Impacts by Leveraging
Financial Capabilities

IWAI Toru,
October 24, 2012

Contents

1. Mission at Financial, Capital Markets
& Daiwa Securities Group (P. 2∼5)

2. MDGs (Millennium Development Goals)
& SRI（Socially Responsible Investment）(P. 6∼ 15)

3. SRI / Impact Investment Products
& CSR at Daiwa Securities Group (P. 16∼32)

4. Conclusion (P. 33)

Appendix (P. 34 ∼55)
This document has been prepared by Daiwa Securities Group (Daiwa) based on information, the sources of which are believed by Daiwa to be reliable, but Daiwa makes no representation nor warranty as to the accuracy or completeness of such information.
Recipients of this document must make their own decisions on whether or not to adopt the recommendations discussed in this document, based upon their specific situations and objectives. Any use, disclosure, distribution, dissemination, copying, or reproduction of
this document without prior written consent from Daiwa is prohibited.
1
©Daiwa Securities Group Inc.

Mission at Financial & Capital Markets
Supply and demand of funds are connected through Financial and Capital
Markets. Its mission is to create a smooth money flow, provide capital as a blood
in economy and contribute to a sustainable society.

Financial
& Capital
Markets

2

Leveraging Financial Capabilities
 Ｔo contribute to a sustainable society.

3

Global Network
Office in 20 countries and regions
Daiwa Capital Markets Europe Limited Daiwa Capital Markets Asia Holding B.V.
Daiwa Capital Markets Europe Limited Daiwa Capital Markets Asia Holding B.V.
Beijing Representative Office
Beijing Representative Office
Daiwa Capital Markets America Inc
Daiwa Capital Markets America Inc Moscow
Moscow
Seoul Branch
Beijing Seoul Branch
Beijing
Warsaw
Warsaw
Moscow Representative Office Seoul
Seoul
Moscow Representative Office
NY Head Office Daiwa SSC Securities =Merger with Shanghai
NY Head Office Daiwa SSC Securities
Shanghais
Shanghais
Bahrain Branch
Bahrain Branch Securities (Daiwa: 33%
Chicago
Chicago
NY
NY Bahrain
Bahrain Hong Kong of share)
Hong Kong
Dubai
Dubai Taipei
Taipei
San Francisco
San Francisco Hong Kong
Hong Kong Taiwan
Taiwan
シャーロット
シャーロット
Bangkok Rep.Office
Bangkok Rep.Office
Dubai Branch
Dubai Branch Hanoi
Hanoi
San Francisco Branch
San Francisco Branch Mumbai
Mumbai Bangkok
Bangkok Manila
Manila The Philippines =Development
The Philippines
Hanoi Rep. Office
Hanoi Rep. Office Bank of Philippines
According to the M&A division
According to the M&A division India
India Singapore
Singapore has 40% of share
,, another 20% of
another 20% of
investment for partnership
investment for partnership Singapore
Singapore

Australia
Australia
Melbourne
Melbourne

Manchester
Manchester
London Head Office
London Head Office Frankfurt Branch
Frankfurt Branch
Frankfurt
Frankfurt
Our company’s stronghold
London
London
Daiwa Securities Trust Company (US)
Lyon
Lyon Zurich
Zurich Daiwa Europe Fund Managers (Ireland) Limited
Geneva
Geneva Geneva Branch Daiwa Europe Trustees (Ireland) Limited
Paris Branch Geneva Branch
Paris Branch Paris
Paris
Milan
Milan Milan Branch
Milan Branch Special hubs for M&A
Madrid
Madrid Barcelona
Barcelona Acquisition of M&A Advisory Division of Close Brothers
and Close Brothers Corporate Finance on Jul. 2009.
4

Stakeholders & Corporate Principles

Customers Society

Building Trust Contributing to Society
Contributing to Society
Building Trust
Trust from the clients is the foundation Contribute to the community and
Contribute to the community and
Trust from the clients is the foundation economic development through finance
of our business.
of our business. economic development through finance
and capital markets.
and capital markets.

Employees Shareholders
Valuing Human
Valuing Human Earning Sound Profits
Resources Earning Sound Profits
Resources Improve corporate value by developing aa
Improve corporate value by developing
Employees are the source of our
Employees are the source of our healthy business.
healthy business.
competitiveness.
competitiveness. 5

Stakeholder Concerns

Po g h n
Ri ma
Business Customers; Clients

ve ts
Shareholders

Improve SCM
Partners

y
Hu
n
tio

rt
w; la
i e s’ gu
’v r re
S i ac
rs me the
le t iv
e
to

m to g
nt e
to us sin
us c ea
sh sh
r c ing by
C ha
Cl an

ar ar
te n
ric hte tion
liim ng

eh eh
St eig ta
C
m ge
Ch

ol old
H ien
de e
Governance
att e
a

or
rs rs
e
e

Compliance

Diversity Local Community;
Citizens
Employees
From lifetime employment to Strengthening monitoring
performance-base; of the enterprise;
Aiming to be a professional Enterprise Social business

6

Materially Rich Towards a Sustainable Society

Paradigm
Shift Sustainability

h
owt
Gr
Carbon energy Renewable Energy
Industrial replaced animals (Solar, wind, gravitational, geothermal)
Revolution and manpower Low Carbon Community

∼20th century 21st Century∼

＜Unlimited Resource＞＜Limited Resource＞
7

MDGs (Millennium Development Goals)

1. End Poverty In addition to $57 billion of ODA in
1999, another $40-60 billions p.a.
2. Universal Education are needed to achieve the MDGs .

3. Gender Equality ■Additional fund necessary to;
（include double count）（Bil. USD）
4. Child Health
Poverty Eradication 39 ∼ 54
5. Maternal Health Education 10 ∼ 25
6. Combat HIV/AIDS Health care 20 ∼ 25
7. Environmental Emvironment 5 ∼ 21
Sustainability Source: The World Bank, “The costs of attaining the
millennium development goals.” Summary of World
Bank Policy Research Working Paper, “Development
8. Global Partnership Goals: History, Prospects and Costs,” by Shantayanan
Devarajan, Margaret J. Miller, and Eric V.Swanson.
http://www.un.org/millenniumgoals/
8

Public Money for Social Issues

Source: website of Japan’s MOFA
9

Private Money for Social Issues

 Ｗorld financial assets = $178 trillion in 2008 (world GDP, $58 trillion ｘ3)
Ｗorld financial assets = $178 trillion in 2008 (world GDP, $58 trillion ｘ3)
＜Background＞
＜Background＞

 Fiscal condition of each country grows increasingly severe (policy makers’ side)
Fiscal condition of each country grows increasingly severe (policy makers’ side)

 Not only Grant/ODA, but also Investments are required to solve social issues
Not only Grant/ODA, but also Investments are required to solve social issues

 Reflect on the financial crisis (investors’ side)
Reflect on the financial crisis (investors’ side)

■ GIIN (Global Impact Investing Network)
 GIIN is a not-for-profit organization created to “increase the scale
and effectiveness of impact investing.”
 It was inaugurated at Clinton Global Initiative in Sep. 2009, to measure growth and
increase of the social investment, ‘Impact Investment’, in which is more direct and has
an immediate result compare to conventional SRI (Socially Responsible Investment)
 Representative examples of investment products: vaccine bonds of IFFIm, Generation
Investment Management of Al Gore, former US Vice President.
 Main investment target: poverty & hunger; global warming; water, food and energy;
medical care, health, welfare; community development, education
10

Impact Investing Awareness
■ Do you support Impact Investing? ■ Which of financial return or social
return do you care?
0 20 40 60 80 100 120 0 20 40 60 80 100

Yes
賛同する 97 Both
双方 89

Strongly Yes
大いに賛同する 31 38
Financial Return
投資リターン

No
賛同しない 0 Social社会貢献
return 30

■ What social problems are you seriously ■ What aspect do you most value when
concerned about? 40
0 20 60 80 100
investing?0 20 40 60 80 100 120

Water
水・衛生 79 成長性が見込める
Revenue growth 102

貧困・飢餓
Poverty 70

Health 69
CSR strategy
社会性を重視した経営姿勢かどうか 83
医療・保健

Education
教育 56 利益を上げている
Profit 64

社会基盤整備
Infrastructure 37
Climate Dividend
株主への還元 52
気候変動 33
Change
No興味がない
interest 17 Scale of operation
事業規模 11

Source: Questionnaire at Impact Investment Forum 2010, September 9th
11

Household Financial Assets
Japan United Kingdom France United States
4% 6% 3%
7% 3%3% Others 17%
9%
Mutual 11% 29% 29% 18%
7%
funds Germany Currency
Shares 1% &
16% Mutual
20% deposits
Currency funds
Insuranc and
e& 55% 38%
deposits
27% Pension 54% 8% 40% Insuranc
e&
Shares Pension
Deep pocket 34%
30%

seeking quality 32%

Currency and deposits Life insurance and pension fund reserves Shares and other equity Mutual funds and securitis other than shares Others

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
* converted into US dollars based on the year-end exchange rates of GBPUSD=1.62, EURUSD=1.43, USDJPY=92.90
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.
12

Extremely Low in Japan
Socially Responsible Investment (SRI)
SRI市場規模
（10億ユーロ）
Billion Euro
Market size
6,000
4,986
5,000

4,000

3,000
2,141
2,000

1,000 405
58 4
0
Europe
欧州 US
米国 Canada
カナダ Aus/NZ
豪州・NZ JPN
日本
(2009) (2010) (2008) (2010) (2009)
Source：「European SRI Study 2010」; based on Eurosif publication and SIF-J material,
compiled by Daiwa Securities Group. Exchange rate as of Dec 31, 2009
13

SRI issues in Japan

1. Regulation and Guideline to promote SRI.

2. Interests among Labor Unions, Religious Groups.

3. SRI Product and Service.

4. Consciousness of a social impact through investing.

5. School Education about Finance and Investment.

14

SRI Initiatives in Japan

1. Principles for Financial Action towards a Sustainable
Society (Principles for Financial Action for the 21st Century), Nov.2011

2. “Workers’ Capital Guideline” by RENGO (Japanese
Trade Union Confederation), Dec.2010

3. New SRI / Impact Investment products

4. Events and Forums for SRI and Impact Investment

5. Workshops for teacher and student financial
capabilities.
15

CSR at Daiwa Securities Group
CSR Activities (Implementations) Objective

1. Core Business
1. Daily business
2. Developing & offering SRI/Impact Investing products ︵

CSR Management
-Eco fund; SRI fund; microfinance fund
Market

WLB, Info disclosure, external appraisal

Sustainable Enterprise
-Vaccine bonds; microfinance bonds, etc.

Sustainable Society
3. Enlightening Event for SRI & Impact Investing
4. SRI/ESG Research

2. Social Engagement
・2011 Principles for Financial Action for the 21st Century
・2010 Signing the UN Global Compact (GC)
・2006 Signing the UN Principles for Responsible Investment (PRI)
Non-market

・2004 Signing the UNEP Finance Initiative (UNEP FI) &
Carbon Disclosure Project (CDP)

3. Corporate Citizenship
1.Teacher and Student Financial Capabilities
2. Daiwa Securities Group Tsunami Reconstruction Foundation ︶
3. Daiwa Phoenix Japan Grant Program (Nippon Support Fund)
16

1. Core Business

17

Impact Investment Bonds
▼Ｔｏｔａｌ in Japan ▼Daiwa
JPY 608.8 Billion JPY 386.5 Billion
Food, 8.3
Education,11.8
Poverty ,
108.8

Others March 2008 Vaccine,
Total
∼July 2012
111.8
37%
608.8
Source:
Daiwa
JPY in Billion
Securities.
Daiwa
63% Environment,
145.8

18

Impact by IFFIm Vaccine Bonds
IFFIm has raised over US$ 3.6 billion since 2006 by July 2012.
Daiwa has arranged US$ 1.2 billion Vaccine Bond since 2008.
GAVI has disbursed US$ 3.6 billion to 70 countries (from 2000 to March 2012)
GAVI had contributed to
the immunization of an
additional 326 million
children, who might not
otherwise have had access
to vaccines by the end of
2011.

As a results, 5.5million
future deaths averted
through GAVI support.
(2000-2011).

GAVI Website: http://www.gavialliance.org/index.aspx
19

MDGｓ & Impact Investment Bonds

d
Fun
Impact Investment Bond

ion
e

uct i
con sunam
anc

in A tion
a
fin

fric

ne

str
te

T
uca

en
MDGs

ter

ma
ro

cci

Gr e
Mic

Wa
Ed

Cli
Va

Re
Goal 1: Eradicate extreme poverty & hunger ◎ ◎ ○

Goal 2: Achieve universal primary education ○ ◎ ○ ○

Goal 3: Promote gender equity and empower women ◎ ○ ○ ○

Goal 4: Reduce child mortality rates ◎ ◎

Goal 5: Improve maternal health ○

Goal 6: Combat HIV/AIDS, malaria and other diseases ◎ ◎

Goal 7: Ensure environmental sustainability ○ ◎ ◎ ◎

Goal 8: Develop a global partnership for development ○ ○ ○ ○ ○ ○
20

Daiwa Asset Management

■ ￥9.1 trillion Financial assets under management (as of Mar. 2012)
■ Eco Funds, SRI Funds and etc.
■ As a PRI signatory, considering ESG issues
■ Implementing SRI in daily asset management.
e.g.
 Investment Principles against Cluster Munitions Producers
 The Japanese government ratified the Convention on Cluster Munitions (Oslo Declaration), which takes effect
on August 1, 2010. As an asset management company in the country ratifying the convention, Daiwa Asset
Management established the basic principles for investment in, and other actions against, cluster munitions
producers, and would like to announce the basic principles as follows:
http://www.daiwa-am.co.jp/english/cluster/index.html

 Daiwa Asset Management shall not invest in securities issued by cluster munitions producers in active funds. In
cases where the active funds hold such securities, Daiwa Asset Management shall immediately sell the securities.
 In cases where withdrawal from, or contraction of, the business for producing cluster munitions is proposed at
shareholders’ meeting of cluster munitions producers, Daiwa Asset Management shall agree with such
shareholders’ proposals.

21

Daiwa Microfinance Fund (DMF)
■ Major Characteristics
 The first microfinance
mutual fund in Japan.
 Minimum investment unit is
1,000 yen, you can pursue
both social and financial
return.
 Lending to MFIs in local
currency. (currency risk
free funding for MFIs ）

22

Impact by Daiwa Microfinance Fund

DMF supports 80,000 people in developing
countries to pursue self-sustaining.

 Key Findings
1. DMF lends 64 million USD to 21ＭＦＩs
(Its lending rate is 11％ on average. The term is 2years)
2. Total loan portfolio of 21 MFIs is 3 billion USD.
(DMF lending counts 2% of the loan portfolio)
3. 21 MFIs outreaches to 2.6 million people
4. DMF lending supports 79,630+α.
5. Average loan per person is 806 USD.
(As of March 2012)

23

Forum & Daiwa Internet TV
▼Forum play back at Website
http://www.daiwatv.jp/

24

Investor Forum for SRI
Daiwa Africa Forum 2010
Date: July 21st, 2010
Venue: GranTokyo North Tower 18F Conference Room
Speaker: Mr. Thierry de Longuemar, Vice President Finance, African Development Bank (AfDB)
Mr. Pierre Van Peteghem, Treasurer, AfDB
Dr. Boukary Savadogo, Manager of the Division of Education, Science and Technology, AfDB
Dr. Naoyuki Kawahara, Director, NPO Rocinantes
Ms. Keiko Sano, Director, East Africa Division 2, Africa Department, Japan International Cooperation Agency
Ms. Agnes Chan, the ambassador of the Japan Committee for UNICEF, a pop singer, a television personality
No. of Audience: 221

25

ESG Research by DIR
Daiwa Institute of Research (DIR) has been providing highly distinctive information
services, consulting and system solutions since its establishment in 1989.

http://www.dir.co.jp/souken/research/esg/index.html
26

2. Social Engagement

■Participating in ESG Initiatives

Principles for Financial Action for the 21st Century

GC (UN Global Compact）

PRI （Principle for Responsible Investment）

UNEP FI （UNEP Finance Initiative）

CDP （Carbon Disclosure Project）
27

3. Corporate Citizenship
■Partnership with NPOs for Financial Capabilities

・Finance Park at Shinagawa ↑
・Workshop for teachers at
Daiwa’s Tama Training Centre →
28

Corporate Citizenship

■Real business as a result of partnership with ＮＰＯ/ＮＧＯs
1）Social Business College（Kopernik）
This is a seminar series on social entrepreneur for social business practice, held
bimonthly since Oct. 2010 (12 lectures in 2 years), not only for university students
but also for common people. The college is funded by grant from Daiwa Eco Fund
management fee. Its contents can be found in the web.

2）Daiwa Securities Group Tsunami Reconstruction Fund
（Asia Community Center 21）
From 2005 (after appeal from the UN), for the next 10 years, we committed total
100 million yen grant for reconstruction assistance to NGOs in devastated areas
(India, Sri Lanka, Indonesia). A part of grant is used as a source for Microfinance.

3）Daiwa Phoenix Japan Grant Program (Nippon NPO Center)
In order to strengthen capacity of NGOs in Tohoku disaster areas after 3.11
(2011), we support them for personnel expenditure (instead of program
cost) aiming at nurturing leaders for the core of the organization. This 5
year program is made possible by donations from management fee of
Daiwa Nippon Support Fund Vol.3. (or Phoenix Japan Fund)
(In the brackets are the name of NGO/NPO)
29

CSR Management - Work-life Balance

■Creating a working environment that fit the life stage
 Work-life balance promotion intranet site for employees

1. Work-life balance promotion
committee
2. Enforcing leaving the office
by 19:00 → Efficiency at
work “Work hard, Live hard”
3. 「Professional Return Plan」・
4. 「Changing of Work Location
System」
5. ‘Child-rearing break’ until 3
years old, exceeding the
statutory period
6. 「Day-care expenses subsidy
system」
7. Distributing 「Guidebook for
Childcare」

30

Disclosure

■To Stakeholders

Proactive
Fair
Prompt

■Annual Report ■CSR Report Financial
Non-financial

Clear understanding
Proper Evaluation

Daiwa Securities Group
http://www.daiwa-grp.jp/english/index.cfm
31

External Appraisal

■Evaluation on ESG / CSR  SRI index constituent
Dow Jones Sustainability Indexes (14 consecutive years)

FTSE４Good Index (7 consecutive years)

■Ranking for Work Place
NIKKEI Most Famous Companies for Job Seekers (2009)
Rank 5 for Financial Institution (Rank 1 for Securities Industry)
NIKKEI Woman (2011) Best 100 Companies with friendly
working environment for women
Rank 1 for Financial Institution (Rank 3 for general category)

32

Conclusion

1. A financial institution has a social calling to serve as
a mediator between asset management and financing
for public and private sectors.

2. While acknowledging environment, social and
governance issues, harmony amongst various
stakeholders is required to develop a sustainable
society in the 21st century onwards.

3. Daiwa Securities Group is implementing its mission
by leveraging financial capabilities.

33

Contact ：Corporate Communication Department
e-mail：daiwacsr@dsgi.daiwa.co.jp
Tel:03-5555-1312 Fax:03-5555-0662

34

Appendix

This document has been prepared by Daiwa Securities Group (Daiwa) based on information, the sources of which are believed by Daiwa to be reliable, but Daiwa makes no representation nor warranty as to the accuracy or completeness of such information.
Recipients of this document must make their own decisions on whether or not to adopt the recommendations discussed in this document, based upon their specific situations and objectives. Any use, disclosure, distribution, dissemination, copying, or reproduction of
this document without prior written consent from Daiwa is prohibited.
35

The Triple Bottom Line

【PPP】地球環境【ESG】
(Planet/Environment)
人間社会
(People/Society)

経済
(Profit/Governance)
企業・団体
(Enterprise)

36

ISO 26000 （Publish in Nov. 2010）
From CSR to SR
 Guidance on Social Responsibility, provides harmonized,
globally relevant guidance for private and public sector organizations of all
types based on international consensus among expert representatives of
the main stakeholder groups,.
 What will ISO 26000 achieve? It will integrate international
expertise on social responsibility –will be a powerful SR tool to assist
organizations to move from good intentions to good actions.

7 Core Subjects 7 Code of Conducts
1. Accountability
1. Administration of the organization
2. Transparency
2. Human rights
3. Ethical behavior
3. Labor practice
4. Respect the interest of stakeholders
4. Environment
5. Respect the rule of law
5. Fair business practice
6. Respect the international code of
6. Consumer issues
conduct
7. Community participation and
7. Respect the human rights
development
Source: ISO Web site . Japan Business Federation Political Sociology Division 2010.6.10「Summary of Result of Copenhagen Conference
ISO260000」 37

Funding type for Development

Private

Donation Investment

No-financial return Financial return*
*Possible for negative return due to exchange fluctuations and credit
risk and so on.

Grant Aid Yen Loan

Public 38

Money flows to developing countries

Remittances and other flows to developing countries, 1990-2014

332

127

•Source: THE WORLD BANK Migration and Development Brief 18.
•Data on FDI, external private debt, and net inflows of portfolio equity are from the World Development Indicators database.
•ODA data is from OECD DAC. Remittances data is from world bank, IMF 39

Highlights of “Impact Investment Bonds”
Vaccine Bond Microfinance Bond

Issuer: IFFIm Issuer: IFC
Purpose: Raise funds in the capital markets to Purpose: Support microfinance businesses with the purpose
accelerate funding available for health and immunization of fostering economic independence by providing
programmes in 70 of the developing countries small scale financial services to the poor segments.
around the world.
Issue date and amount: Issue date and amount:
Mar. 19, 2008 $211 million equivalent Nov. 20, 2009 $275 million equivalent
Feb. 20, 2009 $437 million equivalent Sep. 22, 2010 $342 million equivalent
Mar. 24, 2010 $338 million equivalent
Mar. 31, 2011 $227 million equivalent Green Bond

Issuer: IBRD
Purpose: Support projects in the World Bank’s member
Support for vaccine
countries that meet specific criteria for low-carbon
Financial securing program project.
management
Issue date and amount:

Funding : February 3, 2010 $106 million equivalent
Investors Donator
Investment Donation for up to Water Bond
in capital market 20 years

Issuer: ADB
Daiwa Securities joined the panel with GAVI on the 8th plenary session of Purpose: Support water project by developing countries in
the Leading Group on Innovative Financing for Development (16-17 Dec Asia and the Pacific.
2010, Tokyo)
Issue date and amount
April 16, 2010 $628 million equivalent
Feb. 22, 2010 $270 million equivalent 40

Impact Investment Bond Uridashi

Total $5,338 mil / Daiwa’s arrangements $ 3,721 / Daiwa’s market share 69% 41

Impact investment bond Private
Placement to Regional Banks
Impact Investment type bond Private Placement (Publicly announced)
Investor Issuer Currency Name Issue Amount Lead Manager Press Release
World Bank
The Iyo Bank, Ltd. (International Bank for Reconstruction USD Green Bond 50 mil USD J.P. Morgan Securities Ltd. 2010/9/1
and Development, IBRD)
World Bank
The San-in Godo (International Bank for Reconstruction AUD Green Bond 30 mil AUD J.P. Morgan Securities Ltd. 2010/11/16
Bank, Ltd. and Development, IBRD)
World Bank
The Bank of Iwate, Daiwa Securities Capital
(International Bank for Reconstruction USD Green Bond 10 mil USD 2010/12/1
Ltd. and Development, IBRD) Markets Co. Ltd.
World Bank
The Kiyo Bank, Daiwa Securities Capital
World Bank
The Aichi Bank, (International Bank for Reconstruction USD Green Bond 30 mil USD J.P. Morgan Securities Ltd. 2011/1/14
Ltd. and Development, IBRD)
World Bank
The Kagawa Bank, Daiwa Securities Capital
World Bank
The Fukui Bank, Daiwa Securities Capital
World Bank
The Daishi Bank, Daiwa Securities Capital
THE NISHI-NIPPON Asian Development Bank Daiwa Securities Capital
USD Water Bond 30 mil USD 2011/1/26
CITY BANK, LTD. （ADB） Markets Co. Ltd.
World Bank
The San-in Godo (International Bank for Reconstruction USD Green Bond 30 mil USD J.P. Morgan Securities Ltd. 2011/2/17
Bank, Ltd. and Development, IBRD)
World Bank
North Pacific Bank, Daiwa Securities Capital
World Bank
The Nanto Bank, Daiwa Securities Capital
World Bank
Daiwa Securities Capital
The Oita Bank, Ltd. (International Bank for Reconstruction USD Green Bond 10 mil USD 2011/4/25
and Development, IBRD) Markets Co. Ltd.
World Bank
The Musashino Daiwa Securities Capital
Bank, Ltd. and Development, IBRD) Markets Co. Ltd.
World Bank
Ogaki Kyoritsu Daiwa Securities Capital
Bank, Ltd and Development, IBRD) Markets Co. Ltd.
Kagoshima Bank, Asian Development Bank Daiwa Securities Capital
USD Water Bond 10 mil USD 2011/6/30
Ltd. （ADB） Markets Co. Ltd.
World Bank
Daiwa Securities Capital
Waseda University (International Bank for Reconstruction AUD Green Bond 10 mil AUD 2011/11/8
and Development, IBRD) Markets Co. Ltd.
World Bank
Chiba Kogyo Bank, Daiwa Securities Capital
(As of April 30, 2011) Source: Daiwa Securitiess Product Planning Department
44

Event Sponsorship

May 15 (Sat) – June 13 (Sun), 2010 October 31 (Sun) – November 7 (Sun)
＠Osaka International Convention Center
＠Tokyo Mid-Town Design Hub
Host: Committee for ‘Imagine Host: Junior Chamber International (JCI)
Sponsor: Daiwa Securities
another Life through the ・ Running a booth at ‘Future Expo’,
Products’, CANPAN Center ・ Panelists for sectional meeting
Special Sponsor: Daiwa Securities

45

Daiwa Microfinance Fund
Pursuing financial return as well as social return
 Taking Currency risk, Interest rate risk and Credit risk
 Managing risks by deversifying portfolio

■Investment Universe ■Model Portfolio

Loan users BOP
Reviewed
by DWM*
300 MFIs

︵
Over
10,000 MFIs ︶

Source： Daiwa Microfinance Fund prospectus
(available only in Japanese) (E) Return
*Developing World Markets

46

80,000 poverty alleviation

DMF Pursues Financial and Social return.
■ Daiwa Microfinance Fund Loan Portfolio Financial return ＆ Impact 基準日（as of ) 2012/3/31
Yield on
Ａmount DMF Ａnnual
Countrry/ Gross Loan gross Ｎumber of Ａverage Write- Ｌending Ｉmpact ｂｙ
Name of MFI lennding from contribu revenue to Term
Currency portfolio portfolio borrowers borrowing off % rate DMF
DMF shion DMF
(nominal)
1 Access Bank Azerbaijani manat 378,073,808 32.9% 119,501 3,164 0.0% 4,000,000 8.5% 1.1% 340,000 1,264 2.0
2 AzerCredit Azerbaijani manat 41,693,473 41.1% 47,232 883 0.0% 863,000 10.5% 2.1% 90,615 977 1.5
3 FORUS Russian Ruble 40,557,007 38.4% 9,645 4,205 8.1% 2,000,000 11.5% 4.9% 229,400 476 2.6
4 Inicjatywa Mikro Polish Zloty 10,200,000 (2009)19.6% 1,769 4.3% 143,000 9.4% 1.4% 13,499 2.3
5 PRASAC Thai Baht 151,954,229 23.8% 125,127 1,214 0.0% 370,000 8.6% 0.2% 31,746 305 2.0
6 TPC Cambodia Riel 33,311,940 31.0% 96,542 345 1.7% 2,000,000 13.2% 6.0% 263,000 5,797 2.2
7 Ujjivan Indian Rupee 113,473,518 29.4% 762,923 149 0.2% 5,600,000 13.1% 4.9% 734,720 37,584 1.8
8 Camesa Mexico Mexican Peso 63,558,332 na 290,820 219 6.4% 600,000 10.8% 0.9% 64,500 2,740 1.3
9 NBD Bank Russian Ruble 275,400,000 na 3,241 0.6% 10,200,000 11.3% 3.7% 1,148,520 2.3
10 FINCA Russia Russian Ruble 22,116,000 39.0% 8,023 2,757 3.6% 1,560,000 11.5% 7.1% 178,932 566 2.6
11 Banco Popular (Bancovelo) Honduras Lempira 44,439,495 20.1% 14,553 3,054 4.6% 1,148,000 11.8% 2.6% 134,890 376 1.4
12 Crear Arequipa Peruvian Nuevo Sol 748,676,221 35.0% 212,844 3,517 1.4% 7,000,000 9.6% 0.9% 668,500 1,990 2.3
13 FINCA Azerbaijan Azerbaijan 117,207,401 43.1% 119,867 978 0.1% 10,000,000 10.0% 8.5% 1,000,000 10,225 1.3
14 Genesis Guatemala Quetzal 65,057,180 (2007年）44.9% 129,744 501 2.0% 2,345,000 9.5% 3.6% 222,775 4,681 1.6
15 MFW Jordanian Dinar 20,639,344 37.7% 57,334 360 1.2% 2,000,000 7.0% 9.7% 140,000 5,556 0.8
16 Xac Bank Mongolia To~uguruku 263,594,653 19.9% 75,736 3,480 0.1% 7,024,000 12.0% 2.7% 842,880 2,018 1.2
17 EDPYME Solidaridad Peruvian Nuevo Sol 33,116,001 （2011年）35.6% 21,691 1,527 2.2% 555,000 10.5% 1.7% 58,275 363 2.0
18 Coocique Costa Rica Colon 110,800,000 na 17,072 4,051 0.4% 2,975,000 12.8% 2.7% 379,313 734 2.1
19 Bank Andara Indonesian Rupiah 18,200,000 na 165 0.0% 299,000 10.3% 1.6% 30,648 0.7
20 EDPYME Raiz Peruvian Nuevo Sol 166,338,585 （2011年）30.4% 87,876 1,893 3.0% 501,000 10.5% 0.3% 52,605 265 1.1
21 Popayan Colombian Peso 330,133,610 （2011年）36.3% 408,570 808 2.7% 3,000,000 9.2% 0.9% 277,200 3,713 1.9
total 3,048,540,797 2,610,275 806 64,183,000 10.8% 2.1% 6,902,017 79,630+α 1.8
total-4-9-19 2,744,740,797 2,605,100 672 53,541,000 10.7% 2.0% 5,709,351 79,630 1.7
47

MFI Interest Yield to borrowers

50
44.3
45
2003
40 2006
％ of Gross Loan Portfolio

35.1 36
34.5
35 32.6 31.7
30 28.2 28
25.5 24.8 26.1 26.2
25 23.9
20.9
20
15
10
5
0
World Africa EAP ECA LAC MENA South
Saurce: OCCASIONAL PAPER No. 15 , February 2009 Asia
The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates?
Note: Total Interest and Fee Income/Average Total GLP: average of 175 sustainable MIX MFIs, weighted by loan portfolio.
48

Myth & Fact of Microfinance
Myth Fact
Customer continue to repay as long as they value the
1 Poor people do not repay a loan. service. The greatest incentive for the poor to repay the
loan is to access to repeat loans.
Poor people can not pay the interest rates The poor willing to pay the cost for quality services.
2 necessary to cover the costs to delivering the For the poor, access to the financial service is more
service. Poor can not pay the price. important than the price.
Economic shock is frequent and diverse for the poor.
Credit for consumption purposes should never
3 They should prevent selling income generating assets to
be provided.
coop with these risks by microfinance
The borrower or user of MF create opportunity. Only
4 Microfinance creates economic opportunity.
people with economic opportunity can benefit from credit.

Poor people do saving. Saving is more important than
5 Poor can not save the money.
borrowing for the very poor to manage their future.

MFI can reach to the very poorest of the poor Debt financing is not a good development tool for the
6
through credit. destitute.
There are over 600 Financially self sufficient (FSS) MFIs.
7 MFI is donor dependent institutions. FSS is necessary for an MFI to reach large numbers of
people
Source: Microfinance Distance Learning Course (UNCDF) 49

MF potential market size 2.7 billion

50

Cross-border funding to MFIs
$21.3 billion* Private donors and
Public donors and
Investors (2009) Investors
(Foundations,
(Multilaterals, Bilaterals,
Institutional and
DFIs)
Individual Investors)
$14.6 billion $6.7 billion
Microfinance
Investment
Intermediaries
(MIIs)

Apex &
other Intermediaries

(Support for microfinance at all levels of the financial system: retail, market infrastructure, and policy)

MFI Loan Portfolio ＄65.0billion （ MIX、FY2009、1,058ＭＦＩｓ）

Source ：ＣＧＡＰＦｏｃｕｓＮｏｔｅ No. 70 April 2011, Cross-border Funding of Microfinance
* Amounts based on data submitted by 61 funders and 90 MIIs. 51

Towards the End of Poverty in 2025

Assumptions
5% Inflation p.a. for nominal,
23% increase p.a. in loan users to fulfill 2.7 billion needs.

52

SRI Products :Mutual funds
SRI Funds ●Daiwa SRI Fund
Domestic Equities
●Daiwa Eco Fund
Domestic Equities
distributed by Focus on integrity & Economy & Ecology
transparency of the enterprise
Daiwa Securities Creator：Daiwa Asset Management
Creator：Daiwa Asset Management
Formulated：March 9th, 2006
Total net asset Formulated：May 20th, 2004
（Redemption date：Feb. 22nd, 2016）
（Redemption date：May 9th, 2014） As of April 28th, 2011
of 15 products As of April 28th, 2011
Basic price：4,814円

￥92.8Billion Basic price：6,837円
Total net asset：24.73億円

●Russel World Environment ●Daiwa Energy Technology Fund ●Environmental Business Fund for
Technology Fund Next Generation
Domestic Equities
Foreign Equities Focus on the Domestic Equities
environmental technology of each Focus on alternative energy Economy & Ecology
which
nation
global demand is estimated to increase
Creator：Russel Investment Creator：Daiwa SB Investment
Creator：Daiwa Asset
Formulated：May 1st, 2008 Management Formulated：Feb. 27th, 2009
（Unlimited term） Formulated：Dec. 25th, 2008 （Redemption date：Feb. 26th, 2014）
As of April 28th, 2011 （Redemption date：Jan. 14th, 2014） As of April 28th, 2011
Basic price：8,560円 Total net asset：143 As of April 28th, 2011 Basic price：9,840円
億円 Total net asset：10.13億円
Basic price：10,127円 53

CSR Dialogue

No. 26 “Cluster Bombs”
■Pondering CSR through dialogue
http://www.daiwa-grp.jp/csr/dialogue/
http://www.daiwa- grp.jp/csr/dialogue
In the CSR website, you can find series of dialogue with key figures June 8,2010
who play an active role in the front lines of each field.

＜Recent themes:＞
themes:＞
38：
No. 38：Tsunami Reconstruction Support （2011年5月12日）
2011年 12日）
−Increasing true self-alliance−
37：
No. 37：Affordable Energy Saving at Work Place and Home （2011年4月27日）
2011年 27日）
−Smart energy saving by knowing the mechanism of devices and climate−
36：
No. 36：Poverty （2011年2月2日）
2011年
−’Support’ for young homeless, instead of ‘care’−
35：
No. 35：Eco Right （2011年1月27日）
−Through CDM, supporting environmental
preservation from finances −
34：
NO. 34：Microfinance （2011年1月26日）
−Aiming at social contribution through
microfinance−
31：
NO. 31：Biodiversity （2010年9月9日）
−Building an aquarium in the town that
gives a feeling of ‘water’
54

55

Keio BS　20121024　Daiwa

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