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Investor base: about 70 percent of private bonds were purchased by banks in 2011. Their participation has increased further recently partly because they have faced constraints in expanding consumer loans given increased risk and higher cost in the sector, and therefore have sought alternative higher-yield investment instruments. Liquidity in the secondary market is very limited as many banks tend to hold private bonds until maturity. Retail investors’ participation remains low (see Figure 11). . | MicroRate 0LUMINIS The Power of Clarity The State of Microfinance Investment 2011 MicroRate s 6th Annual Survey and Analysis of MIVs About MicroRate MicroRate is the first microfinance rating agency dedicated to evaluating performance and risk in microfinance institutions MFIs and microfinance funds also known as microfinance investment vehicles MIVs . As the oldest and most well-respected organization of its kind MicroRate has conducted over 550 ratings of 200 MFIs throughout Latin America Africa Europe and Central Asia. MicroRate is a leading social rater and has also become the largest MIV evaluator in the industry. About Luminis Luminis answers investors demand for greater transparency and objective analysis of microfinance investment vehicles MIVs . Luminis is a web-based analytical service of MicroRate that provides professional investors and researchers with the necessary tools to identify assess and monitor MIVs that meet their individual requirements. Thanks to all the contributors who made this industry research report possible Luis A. Viada Chief Editor Damian von Stauffenberg Sebastian von Stauffenberg Farhana Arastu Hussein Anooshah Lisa Bosy Stephen Brown Rebecca Waskey Spradlin Copyright 2011 MicroRate Incorporated MicroRate . All rights reserved. This report may be reproduced provided that credit is given to MicroRate Incorporated. Disclaimer Please note this report was compiledprimarily on the basis of information provided by participants in the Survey. The information is provided for informational purposes only and without any obligation whether contractual or otherwise. No warranty or representation is made as to the correctness completeness and accuracy of the information given. Data from previous years Surveys will differfrom information presented here as certain MIVs have been included or removed from older Surveys data based on consistency with the MIV definition and new information collected. The overall impact of these updates is .
