DGAP-News: AfDB appoints MCB Investment Management as Fund Manager for its first Fixed Income ETF in Africa (news with additional features)

2016. december 09., péntek, 14:40

DGAP-News: MCB Capital Markets / Key word(s): Funds
AfDB appoints MCB Investment Management as Fund Manager for its first Fixed
Income ETF in Africa (news with additional features)

09.12.2016 / 14:40
The issuer is solely responsible for the content of this announcement.

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AfDB appoints MCB Investment Management as Fund Manager for its first Fixed
Income ETF in Africa

The African Development Bank (AfDB) has appointed MCB Investment Management
(MCBIM), a subsidiary of MCB Capital Markets, as Fund Manager for its first
multi-jurisdictional Fixed Income Exchange Traded Fund (ETF) in Africa. The
Board of Directors of the AfDB has also approved a seed equity capital
investment of USD 25 million for the ADBF.

The primary objective of the African Domestic Bond ETF (ADBF) is to
encourage bond issuance in local currencies by facilitating access to local
fixed income markets for investors. The ETF will be invested in both
government and corporate bonds, and will initially be listed on the Stock
Exchange of Mauritius.

MCBIM pioneered this area in early 2013 with the launch of the MCB Africa
Bond Fund, an actively managed USD denominated fund that focuses on the
local currency bond markets of 13 countries in Africa. The fund has
consistently outperformed its benchmark since inception and is up 9.52% in
absolute terms this year.

The ADBF was conceived as part of the AfDB"s African Financial Markets
Initiative (www.africanbondmarkets.org) in 2008. Through this initiative,
the AfDB aims to strengthen African economies by reducing their dependency
on foreign currency denominated debt, increase the range of available
financing options and act as a catalyst for regional market integration.

Stefan Nalletamby, the AfDB"s Director for Financial Sector Development,
commented:
"In developing markets, it is particularly important for the lead
institutions to act to reduce financial market impediments and instill
local and international investor confidence. AfDB is leading the
establishment of the ADBF as a sovereign fixed income ETF investing in
different countries which will be the first time an institution of this
kind is established in Africa. AfDB is the premier development Bank for
Africa and the Bank"s leadership in the establishment of ADBF is
demonstrable of the Bank providing a local solution to several structural
weaknesses."

Rony Lam, Chief Executive Officer of MCB Capital Markets, commented:
"We are privileged to have been selected by the AfDB as Fund Manager for
this ground-breaking fund. The ADBF will pave the way for the development
of local bond markets in Africa and we are proud to be associated with this
important initiative. This demonstrates MCBIM"s fund management
capabilities and confirms our position as one of the leading Africa fixed
income specialist firms."

The ADBF will be managed by MCBIM"s Fixed Income team, led by Abhimanyu
Yadav.

About MCB Investment Management
MCB Investment Management (MCBIM) is a wholly-owned subsidiary of MCB
Capital Markets, the investment banking arm of MCB Group, the largest
banking group in Mauritius. MCBIM manages assets on behalf of a range of
institutional investors including pension funds, corporates, insurance
companies and other types of financial institutions. The company has
dedicated Fixed Income and Equity teams and is increasingly recognized in
the industry for its Africa focused strategies.

Distributed by APO on behalf of The Mauritius Commercial Bank Ltd (MCB).

Contact:
Abhimanyu Yadav
Head of Fixed Income and Currencies
Tel: +230 202 6036
Email: abhimanyu.yadav@mcbcm.mu


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Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=FITOEXKDHS
Document title: Abhimanyu Yadav, Head of Fixed Income

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09.12.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language: English
Company: MCB Capital Markets
Sir William Newton St
Port Louis
Mauritius
Internet: http://www.mcbcapitalmarkets.mu/en/
ISIN: MU0424N00005


End of News DGAP News Service
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