Consultancy, Capital Market Solutions for Lao PDR and Cambodia

Advertised on behalf of :

Location : Home-based, with possible travel to Vientiane, Lao PDR; Phnom Penh, Cambodia; and Bangkok, Thailand
Application Deadline :30-Jul-21 (Midnight New York, USA)
Type of Contract :Individual Contract
Post Level :International Consultant
Languages Required :
Starting Date :
(date when the selected candidate is expected to start)
Duration of Initial Contract :August to December 2021, for approximately 40 days
Expected Duration of Assignment :August to December 2021

UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.

UNDP does not tolerate sexual exploitation and abuse, any kind of harassment, including sexual harassment, and discrimination. All selected candidates will, therefore, undergo rigorous reference and background checks.


The United Nations Capital Development Fund (UNCDF) makes public and private finance work for the poor in the world’s 47 least developed countries. With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.

UNCDF’s financing models work through three channels: inclusive digital economies, connecting individuals, households, and small businesses with financial eco-systems that catalyze participation in the local economy, and provide tools to climb out of poverty and manage financial lives; local development finance, that capacitates localities through fiscal decentralization, innovative municipal finance, and structured project finance to drive local economic expansion and sustainable development; and investment finance, that provides catalytic financial structuring, de-risking, and capital deployment to drive SDG impact and domestic resource mobilization. By strengthening how finance works for poor people at the household, small enterprise, and local infrastructure levels, UNCDF contributes to Sustainable Development Goal-SDG 1 on eradicating poverty and SDG 17 on the means of implementation. By identifying those market segments where innovative financing models can have transformational impact in helping to reach the last mile and address exclusion and inequalities of access, UNCDF contributes to a broad diversity of SDGs.

UNCDF are currently implementing a series of projects in Cambodia and Lao PDR to identify and facilitate SDG financing solutions with particular focus on capital markets and private sector under the Integrated National Financing Framework projects that are funded by the UN Secretary General Sustainable Development Goals Fund (UN-SDGF) providing focus for social protection through SDG acceleration and attainment of SDG targets.

The UNCDF Portfolio in ASEAN

Historically UNCDF have designed and implemented local development initiatives in a majority of the ASEAN member states both at national and sub-national levels. In particular, in alignment to its mandate, UNCDF has mainly operated in the Least Developed Countries, of the ASEAN region including (1) Cambodia, (2) Lao PDR, and (3) Myanmar.

UNCDF is working directly with the Ministry of Finance (MoF) within the sphere of the Public Finance Management Reform initiative that is following on from the 2019 National Public Expenditure and Financial Accountability (PEFA) assessment. UNCDF is working in partnership with the World Bank, the European Union and other Development Partners with the introduction of an IPSAS compliant CoA and a robust IFMIS that is under procurement.

Leveraging this positing and work, UNCDF, in partnership with ILO and UNICEF, is supporting the SDG Fund project “Leaving no one behind: Establishing the basis for social protection floors in Lao PDR” that is working with the Ministry of Labor and Social Welfare (MoLSW) that aims at supporting the government to implement the social protection strategy. This strategy envisions the development of an inclusive social protection system that includes a continually capitalized fund to ensure timely payments are made to all groups covered by the strategy. UNCDF is assisting MoLSW and MoF to establish and capitalize the fund through various technical inputs.

In Cambodia, UNCDF is partnered with UNDP to implement the SDG INFF project, and is currently working directly with CSX under the framework of this project.

Duties and Responsibilities

Objective of the Assignment

The main objective of the assignment is to support UNCDF to implement both UN SDG-funded Projects related to the introduction of an Integrated National Financing Framework (INFF) in Cambodia and Lao PDR respectively. The assignment will support such projects in providing technical support to the Ministry of Finance Public Debt Management Directorate and Bank of Lao PDR and direct support to Cambodia Securities Exchange (CSX).

Duties and Responsibilities

The consultant will support the on-going SDG-funded project related work in Lao PDR and Cambodia, with a set of responsibilities as follows:

For Lao PDR:

Organise and implement a stocktaking exercise of current Lao issued bonds (general obligation and revenue) that includes, volume of each individual listing, place of issue, credit rating, tenure, coupon repayments and underwriters. This work includes dialogues and exchange of data with Lao MoF, Lao Securities Exchange, Thai Securities Exchange and the Ministry of Finance, Thailand to update the Lao Bonds report issued by UNCDF in April 2021

  1. Prepare a road map and specific options for the Government of Lao to reverse the negative trends related to sovereign credit ratings, this work will need be conducted through dialogue and partnering with the credit rating agencies in Thailand
  2. Develop options paper to enable the restructing of specific Thai Bhat issued Gebnebonds subject to consideration of Thailand’s Ministry of Finance
  3. Provide and facilitate associated presentations, seminars

For Cambodia:

  1. Develop with Cambodia Securities Exchange (CSX) a roadmap to enhance performance through the development of new products and offerings
  2. Originate and test a suitable transboundary investment product that can be initialized within the GMS


The consultant will deliver the following within the framework of this consultancy:

  1. Submission of updated Lao PDR debt stocktaking report with a focus on bonds and their service payments
  2. Formulation of road map and short-term actions to support the public debt dept to introduce policy to reverse the current negative trends related to sovereign credit ratings
  3. Provision of options paper upon completion of consultations with both Thai and Lao PDR government entities to restructure Thai Bhat bonds as an option for creating fiscal space
  4. Performance enhancing roadmap for Cambodia Securities Exchange (CSX)
  5. Origination and development, including a possible pilot test, of a transboundary (limited to the GMS and Singapore) financial product / offering for CSX that supports an improved national engagement of domestic investors

Monitoring of Progress Control

The consultant will work under the supervision of the UNCDF Regional Technical Advisor based in Bangkok, Thailand and will work closely with the MoF‘s Budget Department and in close consultation with UNCDF country team with regard to Lao component of the assignment.

For all Bangkok and neighbouring country related work the consultant will work under the direct supervision of the Regional Technical Advisor who will provide overall direction and guidance of the consultancy and approve key outputs and deliverablesIn addition, the consultant will also coordinate and collaborate with UNCDF National Programme Specialist in Lao Country Office for all necessary programming, operations and logistics.

Consultancy fees will be paid upon: (i) submission of Certificate of Payment form (ii) review, approval, acceptance of output for each deliverable by the UNCDF National Programme Specialist (iii) authorization of payment disbursement from Regional Technical Advisor based in Bangkok.

Terms of Payment

The following terms of payment based upon the above-mentioned deliverables will be applicable for this Terms of Reference and associated mission. Payments will be based upon a percentile of the contracted lump sum for each area as tabulated. The payment will only be made up on satisfactory completion and submission of the assignment and deliverables.

Deliverable 1: Work plan for mission and setting of agreed delivery milestones (5%)

Deliverable 2: Lao PDR 

  • 2.1 Report Update: Update of Debt Stocktaking Report, with a focus on debt servicing (15%)
  • 2.2 Credit Ratings Option Strategy: Roadmap and strategy to reverse current negative trends related to Lao PDR credit ratings (maximum 15-page report) (20%)
  • 2.3 Thai Bhat Bonds restructuring options paper: Detailed options paper to support the re-negotiation of Lao PDR issued Thai Bhat Bonds, based on consultations with Thai Government and Lao PDR Government including debt management unit, BoL and EDL (20%)

Deliverable 3: Cambodia

  • 3.1 Draft Policy: Performance roadmap and strategy to enhance the performance of CSX inclusive of increasing domestic investor participation (20 pages max) (20%)
  • 3.2 NSPF Capitalization Structure: Narrative report / case study (10 pages) related to the Origination and development of a transboundary (limited to the GMS and Singapore) financial product / offering for CSX that supports an improved national engagement of domestic investors (20%)

Any travel required under the assignment needs to be agreed and pre-approved by UNCDF regional technical advisor. All the travel cost will be reimbursed by UNCDF according to UNCDF rules and regulations.

The consultant is expected to use his/her own equipment during the assignment.


  • Possesses a comprehensive knowledge of the regional bond markets with especial focus on the Thai Bond, Thailand Capital Markets, China Dim Sum and Panda Bonds and Singapore Capital markets from the perspective of government and or corporate debt financing;
  • Has the ability to develop and formulate financial analysis of bond issues predicting forward risk, generation of yield curves and examining and detailing coupon repayments in terms of attractiveness of the bond issue;
  • Has detailed knowledge of current credit ratings systems for Lao;
  • Able to provide in-depth peer reviews of existing debt financing positions for Lao Government and associated State Enterprises in terms of exposure (current US$, or LC);
  • Understands securities exchange functions, operations and strategies within ASEAN +3
  • Able to design and develop transnational capital market products for investors

Required Skills and Experience

Education, Skills, and Experience

  • Minimum Master’s Degree in Finance related area/ MBA;
  • Minimum 10 years of professional experience with at least 5 years working within international finance institutions or international commercial banks in Asia
  • Proven professional track record related to bond markets (primary and secondary) is mandatory
  • Proven track record working with general obligation bond and or revenue bond design and issuances is mandatory;
  • Proven track record working with national government sector is mandatory;
  • Specific knowledge of capital markets consisting of; (i) Thailand, (ii) Chain / Hong Kong, (iii) Singapore is an advantage;
  • Good communication skills; sensitivity and willingness/flexibility to respond to client’s needs is an asset


Applications will be rated on both technical and financial submissions.  The following selection method will be used:  Highest rated proposal using the combined scoring method, which assigns the weight distribution between the technical and financial proposals.  The weight distribution shall be 70% technical and 30% financial. 

Step I: Longlisting

Applications will be screened and only applicants meeting the following minimum criteria will be shortlisted:

  • Minimum Master’s Degree in Finance related area/MBA;
  • Minimum 10 years of professional experience with at least 5 years working within international finance institutions or international commercial banks in Asia;

Step II: Shortlisting - Technical Review of CVs by Desk Review

UNCDF will conduct a desk review to produce a shortlist of candidates by evaluating the following criteria with the corresponding points (100 points)

  • Minimum 10 years of professional experience with at least 5 years working within international finance institutions or international commercial banks in Asia is mandatory (30 points);
  • Proven professional track record related to capital market and bond markets (primary and secondary) is mandatory (30 points)
  • Proven track record working with general obligation bond and or revenue bond design and issuances is mandatory (30 points);
  •  Proven track record workign with national goverment sector is mandatory (10 points)

Only the applicants achieving 70% of the points will be considered as technically qualified and will be reviewed further for financial evaluation.

Step III: Financial Evaluation

The following formula will be used to evaluate financial proposal: Lowest priced proposal/price of the proposal being evaluated x 30%.


Interested individual consultants must submit the following documents/information to demonstrate their qualifications. 

  • Summary statement of competencies in relation to the TOR
  • Curriculum Vitae or Completed P11 Personal History Form with names and current contacts of 3 referees
  • When applying for this consultancy position, please apply with your official name as shown in the government issued identification document (e.g. passport and/or driver license). Contract award is subject to this verification.
  • Information on Earliest Availability
  • Confirmation of interest and Financial proposal: 

For this requirement only (confirmation of interest and financial proposal), the following document is to be sent by email to

  • Letter of Confirmation of Interest and Availability duly filled. This include a signed all-inclusive financial offer (professional fees, housing, transportation insurance, taxes, different types of cost, if applicable, etc…). This should be emailed separately to with the subject line: VA 100676 - Consultancy, Capital Market Solutions for Lao PDR and Cambodia 

Individual Consultants are responsible for ensuring they have vaccinations/inoculations when traveling to certain countries, as designated by the UN Medical Director. Consultants are also required to comply with the UN security directives set forth under   If the consultant is over 65 years old, UNCDF reserves the right to require full medical certification and clearance from the consultant’s physician prior to commencing the travel.

Both individual consultants and individuals employed by a company or institution are welcome to apply. Any individual employed by a company or institution who would like to submit an offer in response to a Procurement Notice for IC must do so in their individual capacity (providing a CV so that their qualifications may be judged accordingly).  If the company or institution that employs them will charge a management fee, the said amount must be incorporated in the financial proposal that the individual will submit.  No further changes to reflect additional costs shall be accommodated by UNCDF at the point of awarding the LTA.

Women candidates or women-owned businesses are strongly encouraged to apply. UNCDF is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.

Please include all documents into one file while submitting your application.


UNDP’s Individual Consultant’s General Terms and Conditions are provided here:



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