IFFIm Vaccine Bonds for Japanese Investors
IFFIm Vaccine Bonds for Japanese Investors
28 March 2013
Daiwa Securities Group, the International Finance Facility for Immunisation (IFFIm), the GAVI Alliance and the World Bank jointly announce the first issuance and sale of “vaccine bonds” for 2013. [日本語]
Increasing Immunisation of Children in the Poorest Countries.
Issuance of about US$ 139 million of 5-year notes denominated in Turkish lira, South African rand.
Tokyo, 28 March 2013 - Daiwa Securities Group, the International Finance Facility for Immunisation (IFFIm), the GAVI Alliance and the World Bank jointly announced today the first issuance and sale of “vaccine bonds” for 2013.
The vaccine bonds were denominated in Turkish lira and South African rand with a maturity of five years. The issuance was arranged and distributed by Daiwa Securities Co. Ltd. to Japanese retail and institutional investors, and all the bonds issued were successfully distributed to investors.
This is the fifth issue of IFFIm’s vaccine bonds arranged by Daiwa. Including previous, highly successful issues in March 2008, February 2009, March 2010 and March 2011, the total amount of IFFIm’s vaccine bonds arranged by Daiwa is now around US$ 1.35 billion equivalent.
IFFIm’s vaccine bonds provide Japanese investors with an opportunity to contribute to IFFIm and the funding of GAVI immunisation programmes for children in developing countries while investing in high credit quality notes.
Daiwa Securities Group actively pursues its commitment to social responsibility by undertaking such Impact Investment initiatives, and vaccine bonds are one such initiative of Daiwa.
“This transaction marks five years of successful support of Japanese savers for IFFIm and of Daiwa’s work with IFFIm,” says IFFIm Board Chair René Karsenti. “IFFIm’s vaccine bonds help GAVI save the lives of children in the poorest countries by increasing their access to immunisation.”
IFFIm raises funds in the international capital markets to accelerate the availability of funds for immunisation programmes and health system strengthening by the GAVI Alliance. IFFIm’s financial base consists of legally binding grant payments (approximately US$ 6.3 billion) from its nine sovereign donors. The World Bank is IFFIm’s Treasury Manager.
From its inception in 2006, IFFIm has raised about US$ 3.85 billion equivalent in the capital markets to support GAVI, whose mission is to save children’s lives and protect people’s health by increasing access to immunisation in poor countries.
IFFIm issues bonds in the capital markets, converting the long-term government pledges into immediately available cash resources. This produces a “frontloading” effect ideal for vaccination procurement and delivery, providing GAVI with great flexibility, enhancing the efficiency of its operations and affording predictability for vaccine programmes.
Summary Terms of the Vaccine Bonds
|
Issuer |
International Finance Facility for Immunisation Company (IFFIm) |
|
|
Currency |
Turkish Lira (“TRY”) |
South African Rand (“ZAR”) |
|
Issue size |
TRY 90 million |
ZAR 801 million |
|
Tenor |
5 years |
|
|
Coupon |
5.34% per annum |
5.31% per annum |
|
Denomination |
TRY 10,000 |
ZAR 100,000 |
|
Offering Period |
March 13, 2013 ~ March 25, 2013 |
|
|
Delivery of the Bonds in Japan |
March 28, 2013 |
|
|
Maturity Date |
March 19, 2018 |
Disclaimer
The securities referred to in this document have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under the securities legislation of any state of the United States, and may not be offered or sold in the United States, other than pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. IFFIm does not presently intend to make a public offer of securities in the United States or to register any securities under the Securities Act. The securities referred to in this document will only be offered or sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
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