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.

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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

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Supranational Issuers

Does an investor in supranaitonal bonds take exposure to project risk?

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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

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