March 13, 2018 / 10:25 AM / 2 months ago

EBRD issues its first "health bond" worth 317 mln zlotys

WARSAW/LONDON, March 13 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it has issued its first “health bond”, raising 317 million zlotys ($92.84 million) from one of Japan’s largest life insurers to finance health projects across the globe.

The EBRD said the sole investor in the bond was Dai-ichi Life. The 10-year bond had a coupon of 3.01 percent and would be listed on the regulated market of the Luxembourg Stock Exchange, EBRD added.

“Our inaugural health bond (...) will support the EBRD’s key projects that seek to improve access to, and quality of, health services and pharmaceutical products in the economies where we invest,” said EBRD Deputy Treasurer Isabelle Laurent.

Other multilateral organisations have also in the past sold bonds to fund health initiatives. The World Bank last year launched a “pandemic bond” aimed at funding an emergency facility.

The International Finance Facility for Immunisation has also sold bonds to raise money for vaccine programmes. ($1 = 3.4144 zlotys) (Reporting by Marcin Goettig and Sujata Rao; editing by David Stamp)

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