我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年5月4日星期三

West African Development Bank (BOAD) 5.5 5/6/2021


BOAD 債價網站
集團簡介
1)     西非開發銀行(West Africa Development Bank) 是一間多邊金融機構,由其八個成員國政府納法索科特迪瓦幾內亞比紹馬里貝寧布基日爾塞內加爾多哥 (Benin, Burkina-Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo)
2)     1973成立, 其總部設在洛美多哥
3)     原章程專注於向均衡發展成員經濟體的發展,並為未來的西非經濟一體化做準備
4)     三大發展目標重新調整其資金:減少貧困,經濟一體化和促進私營部門的活
5)     Moody rating Baa1, Finch rating BBB








  
Moody's assigns provisional (P)Baa1 rating to BOAD's forthcoming US dollar denominated notes

Global Credit Research - 28 Apr 2016
Moody's Investors Service has today assigned a provisional (P)Baa1 rating to the forthcoming senior unsecured US dollar-denominated notes offering of the West African Development Bank (BOAD).
This rating mirrors the Baa1 issuer rating of BOAD, which Moody's assigned on 15 May 2015. The senior unsecured notes will rank pari passu with all of BOAD's current and future senior unsecured debt obligations.
The provisional (P)Baa1 rating is based on the preliminary prospectus dated 21 April 2016. Moody's will assign a definitive rating upon receipt and review of the final documentation.

RATING RATIONALE
The (P)Baa1 rating assigned to the forthcoming notes mirrors the issuer rating of BOAD. The senior unsecured notes will rank pari passu with all of BOAD's current and future senior unsecured debt obligations. BOAD intends to use the proceeds from the issuance to finance the expansion of its non-concessional loan portfolio as outlined in its strategic plan for the 2015-2019 period.
BOAD's ratings are anchored by the institution's credit strengths, which include strong liquidity and a strategic mandate in the region that garners the bank a strong willingness for support from member countries of the West African Economic and Monetary Union (WAEMU). In particular, BOAD can access the refinancing window at the Central Bank of West African State (the BCEAO in French) under the same conditions as commercial banks. Moody's assesses the strength of support from shareholders as High -- either on a contractual basis, via callable capital, or on extraordinary basis -- though specific factors constrain the overall strength of support to Medium -- in particular the risk stemming from the fact that many of BOAD's borrowers are also shareholders.

In line with Moody's expectations at the time of assigning the issuer rating in May 2015, BOAD has made progress over the last year in order to upgrade its risk management policy to bring it in line with international best practices. Foreign exchange risk is now covered via swap contracts, while the definition for non-performing loans was brought to 90 days (from 180 days).

The rating captures BOAD's credit challenges which mainly pertain to asset quality and translate into a Low assessment of BOAD's capital adequacy by the rating agency. Though leverage is contained (at 166% in 2015), borrower quality is low and the fact that the bank plans to grow its non-concessional loan portfolio could cause deterioration in the quality of the bank's loan portfolio. In addition, BOAD's regional focus means operating conditions are difficult and borrower quality correlated -- the region has had numerous periods of economic and political turmoil.

BOAD, which started operating in 1976, is the primary strategic promoter of economic development in the countries of the WAEMU composed of: Benin (Not Rated), Burkina Faso (Not Rated), Côte d'Ivoire (Ba3, stable), Guinea-Bissau (Not Rated), Mali (Not Rated), Niger (Not Rated), Sénégal (B1, positive) and Togo (Not Rated). Shareholding is mainly composed of the BCEAO, at 47%, and WAEMU member states, at 47%, with non-regional shareholders holding the remaining 6%.

ISSUER RATING OUTLOOK

The outlook on the issuer rating is stable. Moody's expectation that BOAD's capital adequacy will deteriorate as the bank pursues its expansion agenda is already embedded into the current rating level. Supporting the stable outlook is Moody's expectation that in parallel with increased leverage, the bank's risk management framework will continue being upgraded.

WHAT COULD CHANGE THE RATING UP/DOWN

Negative pressure on the rating could arise if the bank expands its lending activity faster than expected by Moody's and registers NPLs well beyond what the rating agency anticipates, or if the bank's risk policy framework does not keep pace with the expansion in the bank's balance sheet. 

2 則留言:

  1. 阿爺都有1.09% B股,理論上你持有這間銀行的債券,間接都是阿爺債主!

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