Japanese retail investors continue to show strong support for vaccine bonds
International Finance Facility for Immunisation Company ("IFFIm") raises US$130 million for health and immunisation programmes
Tokyo, 24 June 2009 – Vaccine bonds offered to Japanese retail investors raise USD 130 million equivalent to help pay for health and immunisation programmes in some of the world’s poorest countries.
This most recent offering of vaccine bonds by the International Finance Facility for Immunisation
Company ("IFFIm") demonstrates Japanese investors’ continued support
for IFFIm and its humanitarian purpose. IFFIm raises funds that are
used by the GAVI Alliance for health and immunisation programmes in
70 developing countries to protect millions of children against preventable
diseases.
HSBC Securities (Japan) Limited
This vaccine bond offering was arranged by HSBC Securities (Japan) Limited. For the first time, the bonds were sold through a group of 19 securities distributors and offered to retail investors online, enabling IFFIm to broaden its investor base.
Investors invested in (i) four-year fixed term Australian ("AUD") dollar denominated vaccine bonds, (ii) four-year fixed term South African rand ("ZAR") denominated vaccine bonds, and (iii) 15-year South African rand ("ZAR") denominated deep-discount vaccine bonds.
Summary Details of Terms of Individual Tranches
| 15-year ZAR | 4-year AUD | 4-year ZAR | |
| Currency and Amount: | ZAR 800 million (notional) ZAR 362.8 million (net proceeds) |
AUD 70.592 million | ZAR 239 million |
| USD eq. 98.4 million (notional) USD eq. 44.6 million (net proceeds) |
USD eq. 57 million | USD eq. 29 million | |
| Settlement Date: | 24 June, 2009 | ||
| Maturity Date: | 24 June, 2024 | 24 June, 2013 | 24 June, 2013 |
| Issue Price: | 45.35% | 100.00% | 100.00% |
| Denomination: | 100,000 | 1,000 | 10,000 |
| Coupon (semi-annual payment): | 0.5% | 4.36% | 6.85% |
| Issuer: | International Finance Facility for Immunisation Company | ||
| Rating: | AAA / Aaa / AAA | ||
| Listing: | Luxembourg | ||
Distributors
The bonds were offered through the following distributors during the offering period:
Ando Securities Co., Ltd., Daisenhinomaru Shoken, Hirogin Utsumiya Securities Co., Ltd., The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch, Ichiyoshi Securities Co., Ltd., Imamura Securities Co., Ltd., Jyoko Shoken Corporation, Kyokuto Securities Co., Ltd., Mito Securities Co., Ltd., Mitsui Securities Co., Ltd., Monex Inc., Okinawa Securities Limited, ORIX Securities Corporation, Rakuten Securities, Inc., SBI Securities Co., Ltd., Shinwa Securities Co., Ltd., Socius Securities Co., Ltd., Takagi Securities Co., Ltd., and Toyo Securities Co., Ltd.
Quotes
"This offering extended IFFIm's investor franchise in Japan: for the first time, IFFIm's bonds were sold through a group of 19 securities dealers and over the internet. We are grateful to the individuals who invested in IFFIm's vaccine bonds, and for the excellent support we received from HSBC and each securities dealer that distributed IFFIm's bonds. As our partners, they have played a vital role in raising funds that will save lives," said Alan Gillespie, IFFIm’s Chairman.
"Through their investments, the Japanese public have once again shown their support for GAVI’s mission to save children’s lives and protect people’s health by increasing access to immunisation in the world’s poorest countries," said Dr Julian Lob-Levyt, CEO of the GAVI Alliance.
"It has been a pleasure to work with HSBC and the sales teams from the group of securities dealers to give many new Japanese investors the opportunity to buy IFFIm vaccine bonds. We’re pleased to extend the World Bank franchise with investors and securities dealers in Japan to our partners – IFFIm and the GAVI Alliance – for such a worthwhile cause," said Doris Herrera-Pol, Global Head of Capital Markets at the World Bank.
"The success of this issue demonstrates
that the vaccine bond concept has now been well and truly accepted by
the Japanese retail investor community. Local investors clearly appreciate
the opportunity of being able to combine the ability to seek financial
returns while bringing about dramatic social change in some of the world’s
poorest countries," said Kenichi Tatsuzawa, Managing Director,
Head of Global Markets, HSBC Securities (Japan) Limited.
About HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.
About GAVI Alliance
The GAVI Alliance (formerly
the Global Alliance for Vaccines and Immunisation) is a public-private
partnership that aims to boost immunisation programmes in more than
70 developing countries. It brings together developing country and donor
governments, the World Health Organization, UNICEF, the World Bank,
the vaccine industry in both industrialised and developing countries,
research and technical agencies, NGOs, the Bill & Melinda Gates
Foundation and other private philanthropists.
WHO projections from 2000 to 2008 show that GAVI immunisation programmes protected an additional 213 million children with vaccines preventing more than 3.4 million premature deaths. GAVI provides vaccines against diphtheria, tetanus, pertussis (DTP) combined with haemophilus influenzae type b and hepatitis B as so-called pentavalent (five antigens in one vaccine). Other vaccines funded by GAVI combat measles, yellow fever, pneumococcal diseases (pneumonia and meningitis) and rotavirus (diarrhoea).
For more information, please visit: www.gavialliance.org
About IFFIm
The International Finance
Facility for Immunisation Company (IFFIm) is a multilateral development
institution created to accelerate the availability of predictable, long-term
funds for health and immunisation programmes through the GAVI Alliance
(formerly the Global Alliance for Vaccines and Immunization) in 70 of
the poorest countries around the world. IFFIm was created as a development
financing tool to help the international community achieve the Millennium
Development Goals.
IFFIm’s financial base consists of legally binding grants payments from its sovereign sponsors (France, Italy, Norway, South Africa, Spain, Sweden and the UK), on the basis of which IFFIm issues bonds in the international capital markets. IFFIm is currently rated AAA/Aaa/AAA by Fitch Ratings Limited ("Fitch"), Moody’s Investors Service Inc. ("Moody’s") and Standard & Poor’s Ratings Services ("S&P"). IFFIm was established as a charity with the Charity Commission for England and Wales and is registered in England and Wales as a company limited by guarantee with number 5857343 and as a charity with number 1115413. For more information, please visit: www.iff-immunisation.org
About World Bank
The World Bank is a global
development cooperative owned by 185 member countries. Its purpose is
to help its members achieve equitable and sustainable economic growth
in their national economies and to find effective solutions to pressing
regional and global problems in economic development and environmental
sustainability. The goal is to help overcome poverty and improve standards
of living for people worldwide. The International Bank for Reconstruction
and Development (IBRD), rated Aaa/AAA (Moody’s/S&P), is the oldest
and largest entity in the World Bank Group and provides funding, risk
management tools and credit enhancement to sovereigns. To fund this
activity, IBRD has been issuing debt securities in the international
capital markets for 60 years.
The World Bank is also the Treasury Manager for the International Finance Facility for Immunisation (IFFIm). In that capacity, the World Bank, as IFFIm’s agent, manages IFFIm’s finances according to prudent policies and standards. The World Bank also coordinates with IFFIm’s donors and manages their pledges and payments as well as IFFIm’s disbursements for immunisation and health programmes through the GAVI Alliance. For more information, please visit: www.worldbank.org
For media inquiries, please contact:
HSBC: Paul Allen, Tokyo
Tel: +81 03-5203-3953
GAVI Alliance and IFFIm
Dan Thomas,
Geneva
Tel: +41-79 251 8581
dthomas@gavialliance.org
World Bank:
Yoshiyuki
Arima, Tokyo
Tel: +81 3 3597 6650
yarima@worldbank.org
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.
Related links
See also
 |
 |
 |