Investor Centre
Investor Centre
The International Finance Facility for Immunisation (IFFIm) exists to rapidly accelerate the availability and predictability of funds for immunisation
Vaccine Bonds: financing immunisation and saving lives
Vaccines are one of the most successful and cost-effective health investments in the world, with wider benefits that accrue across a lifetime. A 2020 analysis by the Decade of Vaccine Economics (DoVE) Project found that each US$ 1 of investment in immunisation will give a return of US$ 21 dollars, rising to US$ 54 when broader societal benefits are included. By comparison, publicly traded American companies in the S&P 500 have returned an average of US$ 2.16 for every US$ 1 invested after ten years.
Moreover, investments in vaccination programmes will likely result in US$ 0.8 trillion in returns over the next ten years. This net benefit is about 20 times larger than the costs forecasted for vaccination programmes over the next ten years, from 2021-30.
Impact investors can support Gavi’s life-saving immunisation programmes through purchasing IFFIm Vaccine Bonds. IFFIm issues these “pure play” bonds in the capital markets, converting long-term pledges from donor governments into immediate cash resources for Gavi.
The Wall Street Journal calls IFFIm “one of the most successful bond-efforts to-date” and IFFIm has won numerous awards and recognitions for its leadership in innovative finance. Fitch Ratings, Moody's Investor Service and Standard & Poor's have rated IFFIm as AA-/Aa1/AA. IFFIm consistently earns an A/A+ rating from the U.K.’s Foreign, Commonwealth and Development Office (FCDO).
Previous issuances
IFFIm Vaccine Bonds have been issued in Japan, the UK, Australia and in the Eurobond market. IFFIm also has issued sukuks in the Islamic finance market. Use our timeline to chart all issuances in capital markets around the world since the inaugural benchmark launch in London in 2006.
Learn moreRating reports
Fitch Ratings, Moody's Investor Service and Standard & Poor's have rated IFFIm as AA-/Aa1/AA.
View allSocial Bond Principles
IFFIm’s pioneering Vaccine Bonds have been instrumental in influencing the financial markets to develop a set of common Social Bond Principles to underpin this market.
Learn moreBond documentation
Download documents on Global Debt Issuance Programme, Pricing Supplements and Australian and New Zealand Medium-Term Note Programme.
View allRestricted Access Library
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