[email protected] the microfinance crisis and the role of transparency
TRANSCRIPT
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Which Crisis?
Increasing Systemic Risk
Isolated Trouble Spots
Media coverage = Public Perception…were we complicit?
Oversold promise Reality
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Investment ClarityContext Concerns Clarity
• Social Mission
• Investment Objective
• Return
• Principal
• Headline Risk
• Social progress
• Track Record
Performance
Risk
Social• CSR• Process• Output/Outcomes
Management
Understand the
Tradeoffs
Understand the
Tradeoffs
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Investment DiversityMIV I MIV II MIV III
FSR / Sovereign Rating Matrix FSR / Sovereign Rating Matrix FSR / Sovereign Rating Matrix
AAA to BBB-
BB+ to B B- to DAAA to BBB-
BB+ to B B- to DAAA to BBB-
BB+ to B B- to D
14.0% 6.9% α+ to α- 9.8% α+ to α- 12.5% 13.0% α+ to α-
6.3% 23.8% 18.3% β+ to β- 20.3% 44.3% 5.1% β+ to β- 9.0% 7.2% β+ to β-
18.3% 12.5% γ+ to γ 0.7% 16.2% 0.4% γ+ to γ 12.5% 10.6% 31.7% γ+ to γ