MICROCAPITAL BRIEF: Symbiotics Issues $26m in Bonds for Coopeservidores Cooperative of Costa Rica; Fusion Microfinance, Suryoday of India

Symbiotics, a Switzerland-based for-profit investment intermediary, recently issued bonds for Coopeservidores, a Costa Rican savings and credit cooperative, in the amount of USD 12.5 million; Fusion Microfinance, an Indian microfinance institution (MFI), in the amount of USD 7 million; and Suryoday Microfinance Private Limited (Suryoday), another Indian MFI, in the amount of USD 6.8 million.

The bond issued for Fusion was subscribed to only by investment funds managed and advised by Symbiotics. The bonds issued for Coopeservidores and Suryoday were subscribed to by investment funds managed and advised by Symbiotics as well as third-party investment funds.

In 2014, Coopeservidores reported CRC 487 billion (USD 910 million) in total assets. As of March 2013, Suryoday reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 37 million, a gross loan portfolio of USD 28 million, and 156,200 active borrowers. As of March 2015, Fusion reported approximately 212,000 active borrowers, a gross loan portfolio of INR 619 crores (USD 97.2 million), and 61 branches in five states in India.

As of June 30, 2015, Symbiotics had issued a cumulative USD 229 million in “impact” bond transactions since 2010 to approximately 25 financial institutions under its platform supporting micro-, small and medium-sized enterprises (MSMEs) in emerging and frontier markets.

By Mathew Cerf, Research Associate

About Symbiotics Group

Founded in 2004, Symbiotics provides for-profit investment intermediary and business services to investors in and practitioners of micro-, small and medium-sized enterprise (MSME) development. Symbiotics works with approximately 28 microfinance investment  vehicles (MIVs) and a dozen institutional investors. The company also offers Syminvest, a platform designed to increase transparency and enhance investment capacity in the microfinance industry by monitoring regional markets as well as individual institutions. From 2004 through June 2015, Symbiotics invested USD 2.2 billion in 225 financial institutions operating in 50 countries. As of June 2015, Symbiotics had completed impact bond transactions since 2010 totaling approximately USD 229 million with 25 financial institutions in emerging and frontier markets.

About Coopeservidores

Coopeservidores is a credit and savings cooperative located in Costa Rica that is supervised by the General Superintendent of Financial Entities (also known by its Spanish acronym SUGEF). The organization was created in 1957 with the objectives of stimulating savings, facilitating credit distribution and fostering cooperative education. In 2014, the cooperative reported CRC 487 billion (USD 910 million) in total assets.

About Suryoday Micro Finance Private Limited

Suryoday Micro Finance Private Limited is an Indian microfinance institution that provides loans to low-income clients. It was established in 2008 as a non-banking financial institution (NBFI) and has its headquarters in Chennai. As of March 2013, Suryoday reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 37 million, a gross loan portfolio of USD 28 million, 156,200 active borrowers, return on assets (ROA) of 1.50 percent and return on equity (ROE) of 3.94 percent. The institution does not accept deposits. As of 2014, Suryoday has 80 branches across the country.

About Fusion Microfinance Private Limited

Fusion Microfinance Private Limited is a non-banking financial company that was founded in 2010 and offers microfinance services in north-central India. During its first year of existence, Fusion acquired the microfinance division of Aajeevika, an Indian nonprofit. The organization’s vision is “to provide underprivileged women with economic opportunities.” Fusion offers life insurance and microcredit services that consist of loans with terms of 1.5 to 2 years in sizes ranging from INR 12,000 (USD 220) to INR 30,000 (USD 551) through a network of 22 branches. As of March 2015, Fusion reported approximately 212,000 active borrowers, a gross loan portfolio of INR 619 million (USD 97.2 million), and 61 branches in five states in India. In December 2013, Fusion reported to the US-based nonprofit Microfinance Information Exchange (MIX) return on assets of 2.82 percent and return on equity of 8.39 percent. The organization does not accept deposits.

Sources and Additional Resources

[1] Information provided to MicroCapital by Symbiotics Group personnel

[2] Coopeservidores, “Estados Financieros”; https://www.coopeservidores.fi.cr/WEBInfo/content/conn/UCM/path/Contribution%20Folders/WEBInfo/v1/Resources/TPL10/Estados%20Financieros%20Auditados%202014.pdf

[3] Symbiotics Group, “Products”; http://www.symbioticsgroup.com/products

[4] MicroCapital Universe Profile; “Simbiotics Group”; http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Symbiotics+Group

[5] MicroCapital Universe Profile; “Suryoday Microfinance Private LTD”;http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Suryoday+Micro+Finance+Private+Limited

[6] MicroCapital Universe Profile; “Fusion Microfinance Private Limited” http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Fusion+Microfinance+Private+Limited

[7] Mix Market Profile; “Fusion Microfinance Private Limited”; http://www.mixmarket.org/mfi/fusion

Did you know that MicroCapital publishes the MicroCapital Monitor newpaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: