The finance arm of the Gavi Alliance, a non-profit organization whose donors include the Bill and Melinda Gates Foundation, has issued a bond of 1.4billion South African rand ($172.3million, £87m) in Japan and will use the proceeds to immunize children in poor communities all over the world and provide basic infrastructure to administer the vaccines efficiently.
The offering to Japanese retail investors by Gavi’s International Finance Facility for Immunisation (IFFIm) consists of uridashi bonds, which are sold in denominations other than yen.
The money raised enables Gavi to frontload future government aid for immediate use, and because the donors are governments, the organization can borrow at low AAA rates.
Japan’s retail investor market is becoming increasingly popular with funds because of the relatively high level of household savings. The IFFIm is interested in tapping the Japanese retail market again and is also considering targeting European retail investors for its next issue.
The IFFIm has $4bn (£2bn) of aid to be distributed during the next 20 years from governments including those of France, Spain and the UK.
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