Announcements: IFFIm issues US$ 500 million in 3-year floating rate Vaccine Bonds

Gavi [to 29 October 2016]

IFFIm press release (restricted access)
IFFIm issues US$ 500 million in 3-year floating rate Vaccine Bonds
Funding to increase immunisation of children in the poorest countries

London, 26 October 2016 – The International Finance Facility for Immunisation Company (IFFIm) today priced a US dollar floating rate benchmark bond issuance. The US$ 500 million, 3-year Vaccine Bonds provide investors an opportunity to fund immunisation programmes by Gavi, the Vaccine Alliance (Gavi), helping protect millions of children in the world’s poorest countries against preventable diseases.

This marks IFFIm’s first visit to the international US dollar benchmark market since 2013, and is IFFIm’s third transaction in the public dollar markets in addition to its two successful US dollar denominated sukuk transactions. The issuance was lead managed by Citi, Deutsche Bank and J.P. Morgan. The issue maturing on 01 November 2019 has a re-offer of 100% and carries a quarterly coupon of +26 basis points over the 3-month USD Libor rate.

“IFFIm Vaccine Bonds continue to attract investors worldwide who want to “do good and do well,” says IFFIm Chair René Karsenti. “IFFIm is very pleased to re-enter the FRN market with this socially responsible transaction which helps to fund life-saving immunisation programmes for Gavi, the Vaccine Alliance.”…