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2020-04-29 -Signs, Portents, and the Weather-
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World Bank Launches [2017] First-Ever Pandemic Bonds to Support $500 Million Pandemic Emergency Financing Facility
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[From the "basement tapes" (2017)]
Washington, DC, June 28, 2017 — The World Bank (International Bank for Reconstruction and Development) today launched specialized bonds aimed at providing financial support to the Pandemic Emergency Financing Facility (PEF), a facility created by the World Bank to channel surge funding to developing countries facing the risk of a pandemic.
This marks the first time that World Bank bonds are being used to finance efforts against infectious diseases, and the first time that pandemic risk in low-income countries is being transferred to the financial markets.
The PEF will provide more than $500 million to cover developing countries against the risk of pandemic outbreaks over the next five years, through a combination of bonds and derivatives priced today, a cash window, and future commitments from donor countries for additional coverage.
The transaction, that enables PEF to potentially save millions of lives, was oversubscribed by 200% reflecting an overwhelmingly positive reception from investors and a high level of confidence in the new World Bank sponsored instrument. With such strong demand, the World Bank was able to price the transaction well below the original guidance from the market. The total amount of risk transferred to the market through the bonds and derivatives is $425 million.
"With this new facility, we have taken a momentous step that has the potential to save millions of lives and entire economies from one of the greatest systemic threats we face," World Bank Group President Jim Yong Kim said. "We are moving away from the cycle of panic and neglect that has characterized so much of our approach to pandemics.
There's also this (from the other day): Pandemic bond trigger failure shows flaws of relying on reporting by poorest countries:
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Posted by Clem 2020-04-29 00:00||
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Posted by g(r)omgoru 2020-04-29 02:58||
2020-04-29 02:58||
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Posted by Bright Pebbles 2020-04-29 05:41||
2020-04-29 05:41||
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Posted by Glenmore 2020-04-29 11:14||
2020-04-29 11:14||
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Posted by AlanC 2020-04-29 12:17||
2020-04-29 12:17||
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