Market Consultant The Philippines, Indonesia and Vietnam Tender, Philippines - 82576829

Procurement Summary

Country : Philippines

Summary : Market Consultant The Philippines, Indonesia and Vietnam

Deadline : 15 May 2023

Other Information

Notice Type : Tender

TOT Ref.No.: 82576829

Document Ref. No. : 0002001538

Competition : ICB

Financier : International Finance Corporation (IFC)

Purchaser Ownership : Public

Tender Value : Refer Document

Purchaser's Detail

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Tender Details

Tenders are invited for Market Consultant The Philippines, Indonesia and Vietnam

IFC is seeking a Consultant/Consulting Firm to support the FIG Upstream & Advisory Team in reviewing best practices of hybrid capital issuance guidelines globally to provide a set of recommendation to the regulator to issue and implement the guideline, as well as to conduct market scoping and diagnostic study for pipeline development for IFC-s investment in hybrid capital products in the Philippines, Indonesia, and Vietnam. The Consultant will work directly with the IFC FIG team. The tasks in this role include, but are not limited to:i. Diagnostic and Legal analysis: This section will survey new hybrid capital transaction framework for private sector insurance companies, including the legal review of the level of subordination and loss absorption characteristics, as well as the regulatory requirements these instruments would need to comply with in order to be eligible as regulatory capital for insurance companies. * Review of existing legal frameworks as well as best practices issuance guideline/framework in other developing countries and in Europe under Solvency II framework. The consultant is expected to opine on the best practices for the guidelines that are suitable for implementation in the Philippines, Indonesia and Vietnam, create the roadmap, and identify potential regulatory work/engagement to assist the regulators in the selected countries to issue their own hybrid capital issuance guidelines* Assessment of the degree of subordination compared to Solvency II, as well a legal analysis of which provisions of IFC-s standard hybrid capital specimen would comply with the regulation as proposed, including, but not limited, to standard interest provisions, affirmative, negative and financial covenants, and events of default. ii. Market Scoping for the Philippines, Indonesia and VietnamThis section will assess the potential market size as well as identify key market opportunities for IFC to support the growth of the insurance market following the proposed reform. This part of the market scoping study would estimate market size for potential hybrid capital transactions with insurance companies, analyze key drivers of demand for the new quasi-equity product, and identify key players across all segments.* Market size and growth potential based on expected recovering demand post-Covid, with a focus on retail insurers with capacity to reach underserved segments and thereby increase market penetration.* Overview of key drivers of demand from both insurers for the hybrid capital product, such as company growth potential, profitability vs cost of capital, major trends in the insurance sector like consolidation as well as access to new capital.* Identify capital needs from potential private sector insurance companies in terms of type of instrument, amount, features and target investors.* Market mapping and scoping to identify of key players and potential issuers in the market with a focus on high growth local players operating in high-growth segments (life insurance, general insurance and reinsurance companies). * Identify potential investors for the hybrid capital instruments issued by insurance companies. * Access the readiness, interest and appetite of insurance companies for hybrid capital and identify a candidate that IFC can invest in through a potential issuance.

Documents

 Tender Notice