Overview:
BlueOrchard Loans for Development 2006-1 (BOLD 2006-1) is a Collateralized Debt Obligation (CDO) that is collateralized with debt from microfinance institutions (MFIs).
Description:
BOLD 2006-1 is a Collateralized Debt Obligation (CDO) closed by BlueOrchard on April 22, 2006, in partnership with Morgan Stanley and FMO. The CDO issued bonds to investors, then the funds are used to issue a portfolio of loans to a diversified group of microfinance institutions (MFIs), which are retail microlenders. The total amount raised was USD 99.1 million, and loans were disbured to 21 MFIs in 13 different countries and 5 different currencies. Notes were denominated in USD, EUR, and British Sterling, and were offered in fixed and floating rate tranches.
Microfinance Information Exchange (MIX) Profile:
http://www.mixmarket.org/funders/bold-2006-1
Organization’s Website:
http://www.blueorchard.com/jahia/Jahia/Products_1/pid/200
Just the Facts:
Year Founded: 2006
Fund Assets (as of day/month/year): USD 100.8 million (as of 31/December/2008)
Assets allocated to MFIs (as of day/month/year): USD 96.7 million (as of 31/December2008)
Area of Operation: global
Number of MFI investments (as of day/month/year): 21 (as of 31/December/2008)
Participant(s)/Backer(s)/Investor(s): Morgan Stanley, FMO
Currency: USD, COP, EUR, RUB, MXN
Instrument Type: Loans and Debt Securities
Investment Horizon: 5 years
Contact Information:
BlueOrchard Investments
32 rue de Malatrex
1201 Geneva, Switzerland
Tel.: +41 22 596 4750
Fax: +41 22 596 4751
infoinvest@blueorchard.com
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Additional Resources:
BlueOrchard Annual Review
http://www.blueorchard.com/jahia/Jahia/pid/324
Gray Ghost purchases B-Class notes from the Netherlands Development Finance Company (October 2006)
http://www.syminvest.com/market/news/microfinance/gray-ghost-purchases-b…
Microfinance Loans Becoming more Mainstream (May 2007)
http://www.parismfn.org/parismfn/2007/05/microfinance_lo.html
Authored by Kenny Kline, Research Associate
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