IFFIm returns to market with US$1 billion 5-year bond to support global vaccine programs
IFFIm returns to market with US$1 billion 5-year bond to support global vaccine programs
22 April 2026
Funds to support Gavi immunisation programmes. This bond marks 20 years since IFFIm’s inaugural issuance.
- Funds to support Gavi immunisation programmes
- This bond marks 20 years since IFFIm’s inaugural issuance
- Dr Sania Nishtar, CEO of Gavi, The Vaccine Alliance: “IFFIm has been a cornerstone of Gavi’s ability to act quickly and at scale, transforming long-term commitments into immediate impact and helping us protect more than a billion children”
London, 22 April 2026 – The International Finance Facility for Immunisation (IFFIm) today announced the pricing of a US$ 1 billion fixed-rate bond with a 5-year maturity, further mobilising vital resources to support global immunisation efforts through Gavi, the Vaccine Alliance.
The transaction reaffirms IFFIm’s long-standing role in transforming long-term donor commitments into immediate funding for life-saving vaccines, helping protect children in the world’s lower-income countries. IFFIm’s vaccine bonds provide predictable, flexible financing that enables Gavi to expand access to immunisation and strengthen health systems globally. Significant IFFIm investments to date have included funding for 15 vaccine introductions including significant investments in the Ebola, COVID-19, HPV and malaria vaccines.
Maturing on 29 April 2031, the bond carries a semi-annual coupon of 4.0% per annum and a semi-annual re-offer yield of 4.068%. offering a spread of 15.8 basis points versus the reference 5-year US Treasury.
The bond attracted a US$ 3.8 billion, high-quality order book, with a diverse investor base, including 43% from official institutions and multilateral development banks, 40% from banks, bank treasuries and corporates, and 17% from asset managers and insurance/pension funds. Geographically, 68% of investors came from Europe, Middle East and Africa (“EMEA”), 18% from Americas and 14% from Asia.
The bond will be listed on the Luxembourg Stock Exchange. Barclays Bank PLC, BNP Paribas, and HSBC Bank PLC, are joint lead managers for the transaction.
As IFFIm celebrates its 20th anniversary of its inaugural bond issued in 2006, this latest transaction reaffirms its continued role as a trusted and effective financing platform for global health.
Proceeds from the transaction will support Gavi’s ongoing immunisation programmes, including efforts to reach zero-dose and under-immunised children, expand access to new and underused vaccines, and enhance global health security through resilient health systems and market-shaping initiatives. Gavi currently supports vaccination for nearly half of the world’s children, helping prevent millions of deaths from vaccine-preventable diseases.
“Twenty years on, IFFIm continues to demonstrate the enduring strength of its model by offering investors a high-quality, mission-driven opportunity that combines financial rigor with measurable global impact,” said Georgina Baker, Chair of the IFFIm Board. “As a pure-play vaccine bond issuer, IFFIm provides a clear, transparent link between capital markets and life-saving outcomes, underpinned by strong donor support and a robust financial framework. This latest issuance reflects not only sustained investor confidence, but also the continued attractiveness of IFFIm as a reliable, impactful instrument at the intersection of global health and capital markets.”
“Over the past two decades, IFFIm has been a cornerstone of Gavi’s ability to act quickly and at scale, transforming long-term commitments into immediate impact and helping us protect more than a billion children. This latest bond underscores the continued strength of that partnership. As we look to the future, innovative finance mechanisms such as IFFIm will play an even more important role in contributing to Gavi’s success,” said Dr Sania Nishtar, CEO of Gavi, The Vaccine Alliance.
“As IFFIm marks its 20th anniversary, this bond is an example of what long-term partnerships and capital markets innovation can achieve for global health. As Treasury Manager for IFFIm, the World Bank has played a critical role in mobilizing private sector capital into life-saving vaccines for children in lower-income countries and is grateful for the long-standing support from investors and other financial market stakeholders,” said Jorge Familiar, World Bank Group Vice President and Treasurer.
IFFIm, with the World Bank as its Treasury Manager, raises funds on international capital markets backed by long-term pledges from 11 sovereign donors. This model enables Gavi to access funding when it is needed most, accelerating vaccine delivery and supporting more efficient and resilient immunisation programmes.
Today’s issuance builds on IFFIm’s strong track record in the bond markets, including previous US$ 1 billion benchmark transactions that have attracted broad global investor participation.
“Nuveen were pleased to participate in IFFIm’s latest bond issuance, which demonstrates how capital markets can be mobilised to deliver attractive investment opportunities and tangible social outcomes. IFFIm’s innovative financing model accelerates funding for Gavi’s immunisation programmes, helping protect children in the world’s lower-income countries against preventable diseases. By investing in vaccine bonds, we can support life‑saving global health outcomes while benefiting from a robust, high‑quality supranational credit,” said Stephen M. Liberatore, CFA Head of ESG/Impact, Global Fixed Income, Nuveen.
Lead Manager Quotes
“Congratulations to the IFFIm team on another highly successful US$ transaction, comfortably oversubscribed and reflecting IFFIm’s loyal and diversified global investor base, firmly aligned with the organisation’s longstanding mission to support life‑saving immunisation programmes through Gavi, the Vaccine Alliance. Barclays is proud to have supported IFFIm as it continues to deploy its innovative finance model, two decades on, in support of positive global health outcomes,” said Lee Cumbes, Head of Debt Capital Markets (“DCM”) EMEA, Barclays.
“We are delighted to have supported IFFIm’s successful return to the US$ market with their new US$ 1 billion 5-year transaction today. The impressive orderbook and subsequent tight pricing is a clear testament not only to the depth of demand generated through extensive investor outreach, but also to the compelling social impact story at the heart of Gavi’s mission. The transaction underscores the continued strength of the Sovereign, Supranational and Agency (“SSA”) market for purpose-driven issuers, as well as the role innovative finance mechanisms can play to achieve success in the capital markets, in this case for impact in the global health sector,” said Jamie Stirling, Global Head of DCM SSA EMEA, BNP Paribas.
"IFFIm’s latest US$ 1 billion transaction continues to impress, both in terms of investor appetite and timing to market. The depth and diversity of demand generated demonstrates investors’ recognition of IFFIm’s critical mandate of providing vaccines and promoting health in lower-income countries globally. HSBC is truly honoured to have been involved,” said Asif Sherani, Head of DCM Syndicate EMEA and Head of Public Sector DCM, HSBC.
Summary Terms of the Vaccine Bonds
| Issuer: | International Finance Facility for Immunisation Company (IFFIm) |
| Issuer Rating: | Aa1/AA/AA- (Moody’s/S&P/Fitch) |
| Format: | Reg S |
| Amount: | US$ 1,000,000,000 |
| Pricing Date: | 22 April 2026 |
| Settlement Date: | 29 April 2026 |
| Maturity Date: | 29 April 2031 |
| Coupon: | 4% payable semi-annually |
| Coupon Payment Dates: | 29 April and 29 October in each year, commencing on 29 October 2026, up to and including the Maturity Date. |
| Re-Offer Price: | 99.695% |
| Listing: | Luxembourg Stock Exchange’s Euro MTF Market |
| Joint Lead Managers: | Barclays, BNP Paribas, HSBC |
| ISIN / Common Code: | XS3358317132 / 335831713 |
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These materials are not an offer for sale of securities. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The issuer does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any offering of securities will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the issuer and management, as well as financial statements.
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