IFFIm sterling bond takes total vaccine bond issuance over US$ 10 billion milestone
IFFIm sterling bond takes total vaccine bond issuance over US$ 10 billion milestone
11 June 2025
The International Finance Facility for Immunisation (IFFIm) today announced the settlement of its £300 million, 3-year 4.25% fixed-rate bond that was announced on 3 June. This is the third bond issue in pound sterling and a powerful reaffirmation of investor confidence in vaccine bonds as a tool for global health impact.
With this latest transaction, IFFIm’s total issuance since its founding in 2006 now exceeds US$ 10 billion, supporting life-saving immunisation programmes in lower-income countries through its partner, Gavi, the Vaccine Alliance.
This latest bond issue received strong demand from a broad base of global investors—almost 90 percent from UK-based asset managers and institutional investors in the City of London—demonstrating continued support and momentum from the UK behind socially responsible investment in global health. Historically, past bond issuances have included high-profile repeat investors Legal & General Investment Management (UK) and Record Financial Group (UK).
“IFFIm’s success is a testament to the UK’s leadership in harnessing the power of financial markets for global good,” said Ken Lay, Chair of the IFFIm Board. “This bond underscores not only the deep trust of our investors but also the critical role of the UK’s private sector in sustaining vaccine equity worldwide.”
IFFIm was born out of British development finance innovation, and as a UK charity, has built longstanding partnerships with British institutions. Legal firms Linklaters and Slaughter and May have provided legal advisory services, while financial giants such as HSBC, Barclays, NatWest and Standard Chartered have acted as arranging banks on major transactions.
Beyond its financial innovation, IFFIm continues to support high-impact vaccines to protect children in Gavi-supported countries and strengthen health security. In the previous decade, IFFIm funding played a critical role in accelerating the development of vaccines for use against Ebola, which was surging in Africa at the time. Within the current Gavi strategy (2021-2025), it has been used to finance US$ 132 million for HPV vaccines, representing over 21% of Gavi’s overall funding for the vaccine, helping protect girls and women from cervical cancer. IFFIm has also financed new and breakthrough vaccines such as malaria, to which it has contributed US$ 33.3 million, over 25% of Gavi’s investment to support the first-ever malaria vaccine introduction in 20 African countries.
Today, together with its investors, partners, and donors—including the UK Government, IFFIm continues to help transform long-term development commitments into rapid, front-loaded funding for vaccines that save lives and build resilient health systems.
This transaction builds on IFFIm’s two previous Sterling-denominated bonds in 2009 and 2022, which together raised £516 million.
For more information about IFFIm’s impact and investment opportunities, visit the IFFIm website.
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