Research Note: IFC-MOBILIST LANDMARK SECURITISATION TRANSACTION

The IFC’s and MOBILIST’s co-equity investment in the Emerging Markets Securitisation Programme (EMSP) sends a strong signal: development-focused capital can play a catalytic role in making innovative structures work for the private sector.

The global securitisation market remains dominated by developed countries. Expanding the role of securitisation in financing sustainable development in EMDEs requires innovations related to demand, supply, and policy and regulation. With the support of MOBILIST as a co-investor in the equity tranche, the Emerging Markets Securitisation Program (EMSP) has demonstrated that MDB and DFI loans are commercially viable by issuing listed, credit-rated senior notes, addressing the need of institutional investors for quality, scale, and liquidity.

This Research Note, compiled in collaboration with the IFC, presents a detailed analysis of the inaugural transaction under the IFC’s Emerging Markets Securitisation Program (EMSP), supported by MOBILIST. It accompanies the more detailed MOBILIST Research Paper, Scaling Securitisation in Development Finance: Potential, Precedents, Pathways.

The Note offers a practical blueprint that MDBs and DFIs can use to securitise private capital at scale for sustainable development in emerging markets. This includes guidance on how securitisation can impact some of the Key Performance Indicators (KPIs) that MDBs use. It also addresses common investor concerns—such as adverse selection, moral hazard, and liquidity—and shows how the IFC-MOBILIST structure mitigated these risks.

Through dialogue with MDBs/DFIs, it has emerged that even larger MDBs/DFIs often face the challenge of creating well-diversified portfolios with homogeneous currencies. Therefore, the Note also sets a course for future MOBILIST research to explore the various routes to asset-pooling to help overcome this challenge to scaling securitisation.

Potential impact of securitisation on MDB/DFI’s KPIs