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Alternative Market Briefing

EFA launches $100m credit fund for financial institutions in developing markets

Monday, December 10, 2018

Laxman Pai, Opalesque Asia:

Singapore-headquartered asset manager EFA Group has launched a $100-million fund to provide credit to banks and financial institutions in developing and emerging economies of Asia and Eastern Europe.

The asset manager specializing in private debt said that the EFA Financial Institutions Debt Fund will provide short and mid-term financing to leading banks and financial institutions in emerging and developing economies, giving investors access to these rapidly expanding financial sectors.

The investment strategy aims to deliver superior risk-adjusted returns thanks to the low default rates of targeted financial institutions and their attractively priced debt.

"In these markets strong GDP growth, shallow local capital markets and limited access to international markets means there is more demand for credit than is available locally. By capitalizing on EFA's credit expertise and track record of direct lending in Asia, the Fund aims to raise $100 million to service this widening funding gap," said a press release from the company.

EFA's Kashama Pascal Nyangombe, who will manage the fund pointed out: "If you are a well-run bank or solid financial institution operating in a country with a low credit rating your ability to grow by raising money internationally will be tainted by the sovereign credit rating. This taint is not justified: default rates for such banks and financial institutions are similar to the default rates on institution......................

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