PDF THE WORLD BANK Demystifying Supranationals - GIOA
THE WORLD BANK
Demystifying Supranationals
GEORGE RICHARDSON
Head of Capital Markets
The World Bank Treasury 1225 Connecticut Ave NW Washington, DC 20433 USA
DANIEL KIM
Head of SSA, GSE, and Covered Bond Trading
Jefferies LLC 520 Madison Avenue New York, NY 10022 USA
WHO ARE AAA SUPRANATIONALS?
International Bank for Reconstruction and Development
(IBRD)
International Finance
Corporation (IFC)
European Bank for Reconstruction and Development (EBRD)
Nordic Investment Bank (NIB)
European Investment Bank (EIB)
Inter-American Development Bank (IADB)
African Development Bank (AfDB)
Asian Development Bank (AsDB)
* Yellow outline highlights the AAA supranationals that have the US as a shareholder.
2
The SSA Sector
SOV / SUPRA / AGENCY
Three (3) Issuer Categories
AAA Supranationals
? IBRD (World Bank) ? AfDB ? AsDB ? EBRD ? EIB ? IADB ? IFC ? NIB
Full Government Guarantee*
? EDC (Canada) ? KfW (Germany) ? OKB (Austria) ? ICO (Spain) ? JBIC (Japan)
Implied Guarantee or Government Ownership*
? BNG ? CADES ? Eurofima ? SEK
* Not all are triple-A
3
Supranational Issuers
Does an investor in supranaitonal bonds take exposure to project risk?
4
Supranational Issuers
Key Drivers Behind the SSA Supranational's AAA
Asset Equity
Risk
Quality Capital Management
GSE's
Covered Bonds
USAID Guaranteed Bonds
KfW / EDC
Supranationals
Government Ownership / Guarantee
5
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