Listed bonds for
traditional fund

The Bonds Account is designed for traditional fixed income fund managers or specialized investors looking for direct exposure in the form of standard securities to Microfinance institutions or Small Enterprise Banks. Symbiotics has opened the first Impact Investment Bond Issuance Platform for Institutional Investors and will support your investment process with online analytical tools, decision-making solutions and expert knowledge support.

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We offer a set of advisory services tailored on your investment objectives. We will define together your positioning and focus which will bring competitive advantages to your investment strategy. Based on your eligibility criteria, this account will help facilitate your investment step by step through its standardized and proven investment process.

1. Research

  • 100+ Micro & SME banks
  • Standard due diligence
  • Third parties ratings

2. Deals

  • Strong eligibility criteria
  • Standard documentation
  • Electronic settlement

3. MyPortfolio

  • Monthly or daily valuation
  • Standard electronic reporting
  • Secondary market sales

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1. Research

Symbiotics has developed a comprehensive set of tools to analyse and provide adequate due diligence on microfinance investments, including a specific country risk analysis framework and a set of four core standards for the due diligence of micro and small enterprise finance institutions. The due diligence includes a desk review, a credit risk, a social responsibility rating and an on-going monthly monitoring process. To date, this thorough process has assisted more than 27 asset managers and institutional investors in more than 1'000 microfinance transactions.

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  • Desk Review: Symbiotics’ investment analysts receive three years of audited and non-audited financial and operational information, both in paper format or electronically, in addition to all legal due diligence elements. The compilation and analysis of this information produces a ten to fifteen page Institution Desk Review report.
  • Credit Risk: Pursuant to the Desk Review, Symbiotics’ investment analysts travel on-site to perform the credit risk analysis, through interviews and credit scorings. The methodology covers both past quantitative performance and a qualitative assessment of future risk, compiling 55 indicators. The output report is a two to three-page Credit Risk report.
  • Social Responsibility: Following the desk review and credit risk analysis, Symbiotics’ investment analysts perform a Social Responsibility assessment based on key institutional components (governance, people, products, clients, community, environment), which produces a two to three-page output report on Social Responsibility.
  • Monthly Monitor: Symbiotics’ investment analysts collect monthly key indicators on each financial institution monitored. The analysts then produce indicators, ratios, graphs and qualitative follow-up of key risk factors which are updated monthly, after having exchanged with the institution on key elements of change.

2. Deals

Symbiotics team periodically updates a global pipeline of investment opportunities, collecting, aggregating and filtering funding needs of first tier financial institutions in emerging markets that are looking for larger funding volumes and a broader investor base. Symbiotics negotiates and structures the transaction with the institution and serves as monitoring and servicing agent thereafter.

The investors need to identify themselves to receive bond issue pipeline and all related research on the borrower. Investors then confirm engagements via subscription forms and volumes are allocated proportionately at lowest clearing price. Each series of bonds are in the form of global notes, freely transferable and electronically settled through Clearstream/Euroclear. They are generally listed at the Luxembourg Stock Exchange and can therefore generate liquidity and market valuation. The underlying borrower is a first quality investment grade institution with funding needs typically too large for a direct loan (between 10 and 50M USD in average).

3. MyPortfolio

Symbiotics is in charge of surveillance process, available throughout the transaction period. Investors can also access periodic reporting on the borrower via Clearstream/Euroclear, or request further research directly to Symbiotics. We offer monthly bond valuation, with daily/weekly capacity on demand. The selling investor can freely transfer the bonds over the counter with identified purchasers. It can also contact Symbiotics to place a request amongst its investor clientele. We would go through a similar competitive process and place the bond at the best clearing price.

LOMC - Micro-leasing in Sri Lanka

Corporate Profile

LOMC's vision is to be the private sector catalyst in promoting sustainable development in Sri Lanka by empowering people to achieve their dreams through the provision of access to finance and related services. LOMC is a subsidiary of LOLC Group incorporated in 1980 by ORIX Corporation of Japan, with the support of the IFC, as the largest leasing company in Sri Lanka. In 2008, FMO became a minority shareholder of the company. LOMC operates in all 9 Sri Lankan provinces through 40 LOLC branches, 12 gas station centers and 40 post office centers. With 90% of its portfolio in rural areas and 40% in agriculture, the company currently serves about 40,000 micro- and small enterprises for a total portfolio of over USD 50 million.

Bond Issuance 
AmountUSD 11.5 million
Maturity3 years
Total assets96M USD
Total clients50,868
Credit riskBBB
Social Responsibility3.5 stars

MUCAP - Micro-housing in Costa Rica

Corporate Profile

MUCAP's mission is to create financial opportunities to help families build their houses, improve their businesses and build a base for a better future. Setup in 1970 as one of the first Costa Rican mutual associations, it became in 1995 a regulated financial institution. Today MUCAP is present in all departments of the country through 14 branches and 17 Wal-Mart points of sale, providing a full range of competitive and innovative products. With over 80% of its portfolio in housing projects, the company currently serves about 11,000 households for a total portfolio of over USD 200 million, largely funded through more than 55,000 savings accounts.

Bond Issuance 
AmountUSD 10 million
Maturity3 years
Total assets383M USD
Total clients11,357
Credit riskBBB+
Social Responsibility3.5 stars

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

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