These materials are not an offer of securities for sale in the United States. The securities to which these materials relate have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States. BOLD is not authorised for public sale in Switzerland and must therefore not be publicly marketed in Switzerland.
BlueOrchard and Morgan Stanley’s BOLD 2 obtains FT’s sustainable deal of the year award |
What the FT Sustainable Banking Awards Jury said... |
“If the CDO market is drying up, this is just the type of product we need to bring it back to life.”
BlueOrchard Loans for Development |
BlueOrchard successfully closed a third Collateralized Debt Obligation (CDO) called BlueOrchard Loans for Development, or BOLD 2, on May 31st, 2007. Our partners are Morgan Stanley and FMO (the Netherlands Development Finance Company).
Like its predecessors, BOLD 2 finances non-guaranteed loans to a diversified portfolio of microfinance institutions. Part of the loans will be in local currencies, with exchange rate risks being covered by derivative products.
The CDO includes several types of bonds. The senior bonds are: A (44 million dollars) and B (16 million dollars), their ratings are: AA and BBB respectively. The subordinated tranches have no ratings.
BOLD 2 is financing 20 microfinance institutions in 11 countries: Azerbaijan, Bosnia, Cambodia, Colombia, Georgia, Kenya, Mongolia, Montenegro, Nicaragua, Peru, Russia. Launched in partnership with Morgan Stanley.
BlueOrchard was the first company to persuade a major investment bank to participate in a joint launch of a significant CDO (with no rating at the time), in order to finance microcredit institutions. BOLD 2’s S&P rating is a decisive new development.
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Press releases & Media reports
| 070305 BOLD 2007 Standard&Poors' Rating 22 Kb, last modified: Dec 17, 2007 |
| 070503 BOLD 2007 Launch 38 Kb, last modified: Dec 17, 2007 |
| 070531 BlueOrchard raises USD 110MM to finance 70K microentrepreneurs 150 Kb, last modified: Dec 17, 2007 |
| 070409 TotalSecuritization Microfinance As A Structured Finance Asset Class 584 Kb, last modified: Dec 17, 2007 |