Senior Treasury Officer at African Development Bank - AfDB

Position Number: 50078366

The Complex

• The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management (ALM) for the Bank Group.

The Hiring Department / Division

• The Treasury department is responsible for raising funds from the capital markets, managing and investing the Bank Group’s liquidity and shareholders’ funds, processing and settling all financial transactions and managing the institution’s banking relationships.
• The role of the Capital Markets and Financial Operations Division is to: (1) Raise cost-effective resources from the capital markets, (2) Contribute to the Capital Increase process and administer the subscriptions of shareholders to the capital of the African Development Bank and (3) Contribute to the African Development Fund (ADF) replenishment negotiations and administer the subscriptions of donors to the ADF and Multilateral Debt Relief Initiative (MDRI).

The Positions
Under the supervision of the Division Manager, Capital Markets & Subscriptions, the Senior Treasury Officer will:

• Ensure that the Bank’s strategy is implemented and that funding and hedging activities are effective and in line with the Division’s processes: Carefully monitor assigned capital markets to source funding opportunities, ensure that pricing is assessed and commensurate with the Bank’s objectives, execute transactions in line with the Bank’s ALM strategy and policies, follow up on relevant documentation, due diligence and report on trades. Monitor and report the secondary market performance of the Bank’s bond issues. Contribute to working groups’ discussions. Lead or participate in roadshows.
• Ensure that the borrowing process is smooth: Prepare a well-written and structured annual borrowing program for board approval in line with the Bank’s requirements, ensure that consents are obtained for markets where funding opportunities exist, ensure that all transactions are immediately reported in the division’s internal dashboard (borrowing model). Track and report the secondary market performance, flows and turnover of the Bank’s bonds.
• Ensure that the Bank’s borrowing documents (Global Debt Issuance Facility, General Information Statement), listing and SEC filing, among others, are completed and coordinate the 10b-5 due diligence exercise and any other relevant documentation process.
• Ensure an effective and quality investor relations program: Organize dealer days, prepare the annual roadshow program identifying investors to target and identify events that should be attended. Build and update a relevant and comprehensive database of investors. Ensure that the Bank’s websites, including the green bond page and Japanese website are continuously updated.
• Manage subscriptions to the capital of the Bank and replenishments of ADF and MDRI: Administer the subscription process requesting, monitoring and reporting on subscriptions, payments and encashments. Prepare the relevant voting powers documents. Contribute to capital increases, replenishment or voting discussions. Administer all financial aspects of subscriptions.
• Manage the download/publishing of currency exchange rates vs the UA (the Bank’s reporting currency), and prepare and execute the administrative hedge of the Bank.
• Prepare documents for technical discussions with credit and ESG rating agencies.
•   Prepare the annual Financial Presentation of the Bank to be presented to stakeholders.

Key Functions
The Senior Treasury Officer will carry out or contribute to completing the following functions:

Funding and hedging activities:

•  Identify and source attractive funding opportunities by monitoring primary market activity, utilizing cross-currency (swap) calculators, maintaining a good working relationship with dealers, being aware of market trends and developments, etc.
•  Ensure that the pricing of any new borrowing transaction is in line with the objectives and strategy of the division and mitigate any cost of carry by liaising with the Bank’s ALM and investment divisions.
•  Ensure the seamless execution of funding transactions by being alert to market conditions, economic and issuance calendars, keeping informed of investors’ preferences, ensuring that sufficient credit limits exist for settling and swapping transactions, etc.
•  Monitor the secondary performance of the Bank’s bond issuances by following market-making action and flow on electronic platforms, being aware of weekly pricing indications received from dealers, information on secondary market flows, and by maintaining a good dialogue with dealers in the Bank’s bond issues.
•  Monitor economic and capital markets rules and regulations in assigned markets to ensure the smooth implementation of the borrowing program.
•  Lead or participate in investor roadshows and prepare and/or update a comprehensive, accurate, high quality and well-designed investor presentation.

Borrowing process:

• Ensure that the Bank is able to borrow in assigned markets by keeping abreast of all regulatory developments, ensuring bond issuance documentation is current and up-to-date, maintaining a good and frequent dialogue with relevant major investment banks present, undertake regular investor work in order to ensure that the Bank is an approved and sought after investment proposition.
• Facilitate the borrowing process by preparing an open mandate when warranted and regularly update the funding grid.
• Facilitate analysis, tracking and reporting of: (1) borrowing transactions, by updating the borrowing database and internal league tables; (2) benchmarks, through the preparation of the daily market monitor by tracking secondary market performance using dealers’ traders data, as well as Bloomberg and Tradeweb and other relevant platforms; (3) bond flows and turnover per dealer to assess liquidity of bonds and engagement of dealers, and facilitate discussions with investors.
• Report on transactions to senior management by preparing the weekly market monitor of the division, ALCO and Board reports.
• Prepare the annual borrowing program of the Bank for approval by the Board of Directors to allow the Bank to raise resources from the markets and meet its funding objectives.

Borrowing documentation:

• Ensure that the Bank’s borrowing documents (Global Debt Issuance Facility, General Information Statement), listing and SEC filing, among others, are up-to-date and coordinate the 10b-5 due diligence exercise and any other relevant documentation process.
• Review and validate all documents necessary to the execution of each borrowing transaction, including bond and swap term sheets, pricing supplements, and dealer accession letters, swap confirmations, etc.

Markets relations:

• Support an effective investors relations program: Identify and advise on investors to target for roadshows or conference calls to ensure the success of bond issues: Collect investor feedback on AfDB trades, tracking their participation in peers’ transactions and collating information received through back-to-office reports and discussions with dealers. Maintain an efficient database of information.
• Contribute to the deepening of the Bank’s investor base by preparing a short quarterly newsletter to investors, providing updates on funding program and key developments.
• Review the Investor Presentation prepared/updated by the funding team to ensure that data is correct and that information conveyed is in line with investors’ interests. Update the Bank’s relevant webpages (Regular, Japanese and Green) to ensure that they respond to the needs of investors and raise the profile of the Bank with investors.
• Enhance the visibility and positioning of the Bank by leading the preparation of the Bank’s financial presentation.

Subscriptions to AfDB capital, ADF replenishments and  MDRI compensation:

• Assist and advise senior management in shareholder discussions related to capital increases, ADF replenishments, votes and compensation schemes by providing guidance and preparing the relevant technical papers (financing framework, electoral votes, share transfer rules) and contributing to relevant discussions.
• Contribute to establishing an effective management of the subscriptions process by (1) ensuring that all relevant subscriptions resolutions are implemented and the procedure manual is followed and up-to-date; (2) request, monitor, acknowledge and record subscriptions, payments and encashments. Manage arrears in line with guidelines.
• Manage relationships with shareholders by reporting on subscriptions through the preparation of the relevant voting powers, and promptly responding to queries from shareholders and internal clients. Provide relevant information to credit rating agencies and briefs to management as and when required. Manage the entry of shareholders to AfDB and ADF.
•  Ensure that the subscriptions system is continuously improved and its data updated on a continuous basis.

Rating reviews:

• Effectively contribute to the credit rating review discussions by preparing presentation material and data for the Bank’s funding and subscriptions activities, ensuring that rating agencies criteria are met.
• Engage with Environment, Social and Governance (ESG) rating agencies to ensure that the Bank gets the best rating possible on its rating activities, and initiate steps to reinforce the Bank’s ESG rating.

Participation in working groups:

• Attend any assigned working group and actively participate by reviewing and providing documents presented for discussion and clearance.

Exchange rates management:

• Ensure that Bank Group administrative budget is hedged against currency fluctuations by preparing and implementing the Bank’s administrative hedge.
• Ensure that exchange rates are made available on the Bank’s systems on a daily basis by supervising the currency downloads while providing guidance on the improvement of the system.

Requirements

• Hold at least a Master's Degree in Finance, Business Administration, Economics, Statistics or related quantitative discipline
• Professional certification such as Chartered Financial Analyst (CFA, ICMA, FRM) is an advantage
• Have a minimum of five (5) years of professional experience in the International Capital Markets, with special emphasis on bond issuance. Have practical experience of managing global bonds and/or public bonds issuance process, and using derivatives for hedging purposes
• Very strong working knowledge of derivative products
• A sound working knowledge of the operation of the organisation as a business and the role of its organisational unit
• Ability to develop practical and timely solutions
• Possess and apply knowledge and expertise in appropriate depth
• A good understanding of clients, markets and needs
• Innovation, creativity and strong problem solving ability
• Client orientation
• Strong team work & relationship management
• Ability to work effectively and accurately in a frequently stressful environment
• Command of standard computer software applications such as Word, Excel, PowerPoint
• Knowledge of Bloomberg, Summit/Numerix would be an advantage
• Ability to communicate effectively (written and oral) in English and/or French, preferably with a working knowledge of the other language