Symbiotics Investments has earned recognition at the Environmental Finance’s Sustainable Debt Awards 2024, securing the Award for Innovation – Bond Structure (Social Bond) for pioneering the first gender-focused bond in Mongolia.
In April 2023, Symbiotics Investments arranged a USD 10 million gender-focused bond to the benefit of Khan Bank, the largest bank by clients and deposits in Mongolia. This social bond was fully funded by I-AM – Vision Microfinance (formerly DUAL Return Fund – Vision Microfinance), a fund managed by Impact Asset Management.
The issuance of the gender-focused bond to Khan Bank provided a fresh source of funding to support women-owned and women-managed businesses in Mongolia. The proceeds are channeled towards addressing gender-related challenges, which included the launch of new loan products aimed specifically at supporting productivity, competitiveness and financial access of women entrepreneurs.
One of the judges involved in selecting Symbiotics for the award, praised the bond for its focus on the very important issue of gender disparities in the region. The bond is the first in Mongolia to dedicate proceeds to financing products that address gender disparities. The jury was impressed by its innovative impact narrative as well as its credible setup and mobilization of capital.
“We are very pleased to work with our long-term partner Khan Bank and enable them to work towards closing the gender gap among their clients and in a wider sense, for the entire female population of Mongolia.”, said Eugene Tan, Symbiotics Regional Manager East Asia.
“Khan Bank is proud to partner with Symbiotics Investments to align the bank products and services with our sustainability agenda. Through this first gender-focused bond in the country, we have been able to provide tailored financial services including flexible loans, training and advisory as well as networking opportunities for Mongolian women-owned and women-managed businesses.”, noted Erdenedelger Bavlai, First Deputy CEO of Khan Bank.
“I-AM Vision Microfinance cordially congratulates the Investments Team at Symbiotics on this special Award in cooperation with Khan Bank! Just recently in January 2024, the Symbiotics Asia Team, Khan Bank and I met at a conference in Bangkok, exchanged on the successful developments of the gender-focused bond and opportunities for the future. Impact Asset Management (I-AM) is delighted that our commitment to impact investing since 2006 is part of this acclaimed recognition of sustainable environmental finance and social bonds.”, said Christoph Eckart, Senior Fund Manager at I-AM.
The bond was listed on the Luxembourg Stock Exchange “LuxSE” through the Symbiotics-sponsored Micro, Small & Medium Enterprises Bonds “MSME Bonds” platform. All eligible projects under the social bond are aligned with MSME’s Sustainable Bond Framework, focusing on gender impact.
Read the official announcement: Award for innovation – bond structure (social bond): Khan Bank/Symbiotics
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About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,800 investments representing more than USD 9.9 billion for 591 companies in 96 countries. symbioticsgroup.com
About Khan Bank
Khan Bank is the largest commercial bank in Mongolia, serving over 82 percent of the population or 2.9 million customers through its robust digital channels and network of 541 branches nationwide. The bank supports Micro, Small, and Medium Enterprises (MSMEs), which are key drivers of the country’s economic growth, by offering business loan products and a range of non-financial services. These services include customer training, networking, and advisory and consulting services provided through its SME Support Centers. Over the past decade, Khan Bank has actively pursued projects aligned with sustainable development initiatives, striving to become more environmentally friendly and offering financially responsible products and services. khanbank.com
About Impact Asset Management (I-AM)
Impact Asset Management GmbH is a leading independent asset management company in the German speaking region, which is specialized in asset allocation, analysis and management of impact and sustainable investments. The I-AM team consists of 29 employees.
The investment policy pursues the goal of contributing to the achievement of the UN Sustainable Development Goals through the investment strategy in ESG-compliant securities, impact investment via microfinance and a responsible investment approach. Our investment objective is to generate social, environmental and financial returns as a “triple bottom line” asset manager. Collaborations complement our investment processes and promote the exchange of knowledge at an international level.
The aim of all products is continuous capital growth but with a focus on security and risk minimisation. In rising markets, the focus is on performance optimisation. In falling markets, the focus is on active risk management in order to protect the consigned assets from heavy losses.
The business focus is on institutional clients and high net worth individuals. Our goal is to increase our customer base in close collaboration with banks, online businesses and distributors and to expand into new markets in the coming years. impact-am.eu
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For more information contact:
Roberta Maurutto, Corporate Communication Specialist, Symbiotics
roberta.maurutto@symbioticsgroup.com
