Improving Governance in Africa

What are your investment guidelines? Investment type Minimum rating Maturity limit Liquidity Haircuts Government/Agency/Supranational ААА/Ааа AA-/Aa3 A 30 years 15 years 1 year 0% for AAA 20% from AA+ to AA- 40% for A+ to A- Banks and Financial Institutions AAA/Aaa AA-/ Aa3 A/A2 Corporates 10 years 5 years 6 months 50% from AAA to A 100% below AAA/Aaa AA-/ Aa3 A 10 years 5 years 6 months 50% from AAA to A 100% below MBS and ABS AAA/Aaa 40 years 100% 88

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