Credit Guarantee and Investment Facility (CGIF) was established by the ten members of the Association of Southeast Asian Nations (ASEAN) together with the People's Republic of China, Japan, Republic of Korea (ASEAN+3) and Asian Development Bank (ADB).

CGIF is a key component of the Asian Bond Markets Initiative (ABMI) of the ASEAN+3 cooperation. It has been established to promote economic development, stability and resilience of financial markets in the region. The main function of CGIF is to provide credit guarantees for local currency denominated bonds issued by investment grade companies in ASEAN+3 countries.

Latest Press Release

CGIF’s new guarantee for construction risk in SE Asian greenfield projects 11 July 2017
CGIF and SJ team up on greenfield construction project bonds 29 May 2017
CGIF Backs its First Local Currency Microfinance Bond 14 February 2017

Catalyzing More Stable and Efficient Mobilization of Asian Savings in the Region

ABOUT US

The CGIF was established in November 2010 to promote financial stability and to boost long-term investment in the ASEAN+3 region (the "Region")^a. CGIF will provide guarantees on local currency denominated bonds issued by corporations in the Region. Such guarantees will make it easier for corporations to issue local currency bonds with longer maturities. This will help reduce the currency and maturity mismatches that caused the 1997-1998 Asian financial crisis and make the Region's financial system more resilient to volatile global capital flows and external shocks.

The aim of CGIF is to help companies that otherwise would have difficulty tapping local bond markets to secure longer-term financing, reduce their dependency on short-term foreign currency borrowing to mitigate currency and maturity mismatches. Increased issuances of local currency bonds will promote financial stability in the Region and aid the development of ASEAN's bond markets.

CGIF will provide guarantees for local currency denominated bonds issued by investment grade corporations in the Region. CGIF had received capital contributions of USD700 million from ASEAN, the People's Republic of China, Japan, the Republic of Korea and ADB.

Please click the link to download CGIF's Articles of Agreement:

CGIF's Articles of Agreement

^a The ASEAN member countries are: (i) Brunei Darussalam, (ii) Cambodia, (iii) Indonesia, (iv) Lao People's Democratic Republic, (v) Malaysia, (vi) Republic of the Union of Myanmar, (vii) Philippines, (viii) Singapore, (ix) Thailand and (x) Viet Nam. "ASEAN+3" refers to the ASEAN countries and (i) People's Republic of China, (ii) Japan, and (iii) Republic of Korea.

The Meeting of Contributors is the highest decision-making organ of CGIF. Specific powers of the Meeting of Contributors are stated in the Articles of Agreement of CGIF. The Meeting of Contributors formally meets within five months after the end of each Fiscal Year.

CGIF Contributors	Contribution (USD)
People's Republic of China	200,000,000
Japan (Japan Bank for International Cooperation)	200,000,000
Republic of Korea	100,000,000
Brunei Darussalam	5,600,000
Cambodia	100,000
Indonesia	12,600,000
Lao People's Democratic Republic	100,000
Malaysia	12,600,000
Republic of the Union of Myanmar	100,000
Philippines	12,600,000
Singapore	12,600,000
Thailand	12,600,000
Vietnam	1,100,000
Asian Development Bank	130,000,000
TOTAL	700,000,000

The Board of Directors is comprised of 8 Contributor-appointed members, including the Chief Executive Officer. Each of the People's Republic of China and Japan are entitled to nominate two Directors. The Republic of Korea is entitled to nominate one Director. One nomination each is entitled for the Asian Development Bank, and the ASEAN countries representing Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Republic of the Union of Myanmar, Philippines, Singapore, Thailand and Viet Nam.

The Board of Director is accountable and reports to the Contributors on the operations and performance of management and of CGIF. At a minimum, the Board of Directors meets on a quarterly basis.

Board of Directors	Members Represented
Mr. Jian LI (Chairman)	PR China
Ms. Hongxia LI	PR China
Mr. Hitoshi NAGANO	Japan
Mr. Yasuo TAKAMURA	Japan
Mr. Sun-joon JUN	Korea
Mdm. Siti Zauyah binti MOHD DESA	ASEAN - Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Republic of the Union of Myanmar, Philippines, Singapore, Thailand and Viet Nam
Mr. Stefan HRUSCHKA	Asian Development Bank
Mr. Kiyoshi NISHIMURA	Credit Guarantee and Investment Facility

The executive decision-making powers of CGIF, and the day-to-day management of CGIF, are mandated and vested to the Chief Executive Officer (CEO). The CEO is recommended by the Board of Directors and approved by the Meeting of Contributors. He is the legal representative of CGIF. The CEO heads the management team currently comprising the Chief Risk Officer, Vice President Operations, Chief Finance Officer, General Counsel and Board Secretary, Corporate Planner and Head of BPPMS, and Internal Auditor.

KIYOSHI NISHIMURA Chief Executive Officer	AARNE DIMANLIG Chief Risk Officer
BOO HOCK KHOO Vice President Operations	GENE SOON PARK General Counsel and Board Secretary
HOU HOCK LIM Corporate Planner and Head of Budget, Planning, Personnel and Management Systems	JACKIE JEONG-AE BANG Internal Auditor
DONG WOO RHEE Chief Financial Officer

OUR BUSINESS

CGIF's bond guarantee operation is aimed at supporting ASEAN+3 companies access the Region's bond markets to achieve the following benefits:

expand and diversify their sources of debt capital
raise funds in matching currencies and tenors
transcend country sovereign ceilings for cross-border transactions
gain familiarity in new bond markets

The guarantees issued by CGIF are irrevocable and unconditional commitments to pay bondholders upon non-payment by the issuers throughout the tenor of the bonds. This commitment is backed by CGIF's equity capital which has been fully paid-in by all of its contributors. CGIF's general bond guarantee structure is illustrated here.

CGIF's guarantees are available to corporations that meet the following eligibility criteria:

The corporate entity and its principal shareholders are from an ASEAN+3 country
The corporate entity must be of an acceptable credit profile based on CGIF's internal credit assessment
The corporate entity's project or business (for general funding purposes) satisfies CGIF's environmental and social safeguards standards
The corporate entity's business is not on the following list of prohibited activities

Please click the link to download the List of Prohibited Activities: List of Prohibited Activities. In addition, bond issuances that can be considered for CGIF guarantees are limited to the following parameters:

Up to USD140 million equivalent for a single issuance
Bond tenor of up to 10 years
For foreign currency denominated issuance, the currency of issuance should be adequately hedged with the corporate entity's export receipts, inward foreign currency remittances, or via financial hedge arrangements

Eligible corporations based on the eligibility criteria are encouraged to submit base level information for a preliminary assessment either directly or via the respective bond arrangers.

The information requirements for this preliminary assessment are summarized in the Preliminary Information Pack (PIP) form below.

Preliminary Information Pack for General Corporates
Preliminary Information Pack for Project Finance

The completed PIP form can be emailed to CGIF's operations team at guarantee_enquiries@cgif-abmi.org with the contact details of the submitting party. Additional clarification or information may be required as part of the initial clearance process.

INVESTORS

CGIF's strong claims paying ability has been recognized by international and domestic credit rating agencies.

Credit Rating Agency	Scale	Rating	Outlook	Date Issued
Standard & Poor's	Global (Long Term & Short Term)	AA / A-1+	Stable	23 June 2017
Standard & Poor's	ASEAN	axAAA	Stable	23 June 2017
RAM Ratings	Global / ASEAN / National	gAAA / seaAAA / AAA	Stable	19 December 2016
MARC	National	AAA	Stable	25 January 2017
TRIS Ratings	National	AAA	Stable	11 November 2016
Fitch Ratings Indonesia	National	AAA	Stable	06 October 2016

View Previous Ratings

For the complete Guarantee Portfolio table click here

Country borders or names do not necessarily reflect the CGIF's official position. This map is for illustrative purposes only and does not imply the expression of any opinion on the part of CGIF, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries.