Previous issuances

Since the inaugural benchmark issuance in 2006, IFFIm bonds have been issued in Japan, the UK, Australia and in the Eurobond market. IFFIm also has issued in the Islamic finance market.

Our timeline charts all previous issuances




November 2017

Global benchmark

IFFIm returns again to the international US dollar benchmark market, raising US$ 300 million in a transaction jointly led by Citi, Crédit Agricole and Goldman Sachs International. This re-establishes IFFIm as regular borrower in the market following its US$ 500 million 3-year floating rate note issued in October 2016.


October 2016

Global benchmark

IFFIm’s return to the international US$ benchmark market, raising US$ 500 million in a transaction jointly led by Citi, Deutsche Bank and J.P. Morgan. It is IFFIm’s second floating rate offer and its fifth benchmark since 2006.


September 2015


IFFIm issued a second sukuk, raising US$ 200 million with a 3-year socially responsible investment that complies with Islamic law. The sukuk was oversubscribed, maturing on 29 September 2018, carrying a quarterly coupon of +14 basis points over 3-month USD LIBOR.


November 2014


IFFIm entered the sukuk market for the first time, raising US$ 500 million with a 3-year socially responsible investment that complies with Islamic law. The sukuk was oversubscribed, maturing on 4 December 2017, carrying a quarterly coupon of +15 basis points over 3-month USD LIBOR.


June 2013

Global benchmark

IFFIm issues its largest financing since its inaugural benchmark, raising US$ 700 million in a transaction jointly led by Daiwa Securities Group and Deutsche Bank. It is IFFIm’s first floating rate offer, and its first benchmark since 2010 (fourth overall).

March 2013


Daiwa Securities Group sponsors its fifth highly successful issuance of IFFIm vaccine bonds, raising US$ 139 million with 5-year notes denominated in Turkish lira and South African rand. The total amount arranged by Daiwa now is about US$ 1.35 billion equivalent.


Summer 2012


IFFIm makes a strong return to the capital markets, raising the equivalent of US$ 137.2 million for Gavi programmes with two uridashi retail bond offerings. The first was arranged by HSBC and raised US$ 98.4 million. Investors were offered a 3-year fixed-rate South African rand-denominated bond, a 4.5-year fixed-rate Australian dollar-denominated bond and a 15-year South African rand-denominated deep-discount bond. The second uridashi was a 5-year Australian dollar-denominated bond underwritten by J.P. Morgan that raised US$ 38.76 million.


September 2011


In September 2011, IFFIm completed its first J.P. Morgan-arranged issue of vaccine bonds, raising the equivalent of US$ 169.4 million for Gavi programmes. The issuance included tranches in three currencies, comprising a 5-year South African rand tranche in the amount of ZAR 650 million (US$ 91 million equivalent); a 3-year Brazilian real tranche in the amount of BRL 105 million (US$ 66 million equivalent); and a 4-year Australian dollar tranche in the amount of AUD 12 million (US$ 12.4 million equivalent).

March 2011


In March 2011, IFFIm completed the fourth issue of IFFIm's vaccine bonds arranged by Daiwa, raising BRL 371 million (US$ 225 million). The previous, highly successful issues were completed in March 2008, February 2009 and March 2010. The total amount of IFFIm's vaccine bonds arranged by Daiwa is now over US$ 1 billion equivalent.


November 2010


In November, 2010, IFFIm's inaugural Kangaroo bond was successfully completed. The A$ 400 million (US$ 395 million), five-year bond issue was lead managed by the Commonwealth Bank of Australia and RBC Capital Markets. The notes were placed globally, across a broad range of over 20 investors.

October 2010

Eurobond Market

In October 2010, IFFIm raised A$ 35 million (US$ 34 million) in a private placement of five-year Eurobonds arranged for IFFIm by the TD Securities.

June 2010


In June 2010, IFFIm raised US$ 101 million equivalent in three uridashi offerings in Japan. The multi-tranche transaction includes Australian dollar and South African rand denominated bonds and the first IFFIm bond denominated in Brazilian real and settled in Japanese Yen. This offering was arranged by HSBC Securities (Japan).

March 2010


In March 2010, IFFIm raised ZAR 2.5 billion (US$ 320.5 million) in a three year uridashi offering in Japan. This was the third issue arranged for IFFIm by the Daiwa Securities Group, and was IFFIm's largest South African rand denominated issuance to date.


June 2009


In June, 2009, a multi-tranche uridashi offering of IFFIm vaccine bonds, arranged by HSBC Securities (Japan), was sold through a group of 19 securities distributors and offered to Japanese investors online. The total amount of the offering was approximately US$ 130 million and was composed of three tranches: (i) a four-year Australian dollar fixed rate tranche; (ii) a four-year South African rand fixed rate tranche, and (iii) a 15 year South African rand deep discount tranche.

May 2009

United Kingdom

IFFIm issued its first bonds in the sterling market in May 2009. The two tranche transaction raised an aggregate £266 million (approximately US$ 400 million) and was split between a £250 million fixed rate tranche for institutional investors and a £16,227,290 zero coupon tranche for retail investors. The institutional tranche was lead managed by HSBC and Royal Bank of Scotland. The retail tranche was packaged as the HSBC Vaccine Investment Plan and HSBC Individual Savings Account (ISA).

May 2009


On 26 May 2009, IFFIm completed a multi-tranche uridashi offering in Japan. The total amount of the offering was US$ 142.9 million made up of two tranches, one in US dollars and the other in Australian dollars. Both tranches are due 25 May 2012. The offering was arranged by Mitsubishi UFJ Securities Co., Ltd.

February 2009


An offering to Japanese retail investors in February 2009 raised US$ 429 million equivalent. Investors were given the opportunity and choice of investing in "vaccine bonds" denominated in three currencies: South African rand, New Zealand dollars and Australian dollars. The currencies were selected based on investor demand. This offering for the Japanese market was arranged by Daiwa Securities SMBC Co. Ltd., the wholesale securities firm under Daiwa Securities Group, and distributed by Daiwa Securities to Japanese investors.


March 2008


Japanese investors welcomed the launch in March 2008 of IFFIm's debut offering in the Japanese retail market, a R 1.7 billion (US$ 223 million) two year uridashi issue. The "vaccine bonds" were arranged by Daiwa Securities SMBC Co. Ltd., the wholesale securities firm under Daiwa Securities Group, and distributed by Daiwa Securities to Japanese investors.


November 2006

Inaugural offering

IFFIm's inaugural bonds were issued in London on 14 November 2006 and raised US$ 1 billion. The bonds were priced comparably to other sovereign/supranational issuers and were bought by a broad range of investors - both geographically and by investor type - including several central banks, pension funds, fund managers, and insurance companies. Deutsche Bank and Goldman Sachs lead-managed this inaugural bond issue.

*Individuals who have supported the IFFIm initiative include His Holiness Pope Benedict XVI; Her Majesty Queen Rania Al-Abdullah of Jordan; Cardinal Renato Raffaele Martino; Archbishop of Canterbury, Dr Rowan Williams; Chief Rabbi, Dr Jonathan Sacks; Iqbal Khan of the Muslim Council of Britain; Ramesh Khalidi of the Hindu Forum; Indrajit Singh OBE of the Sikh Council of Britain as well as Bono and Bob Geldof.

US$ 1 = US$ 18

A study in Health Affairs covering 73 Gavi-supported countries over the 2011–2020 period shows that, for every US$ 1 spent on immunisation, US$ 18 are saved in healthcare costs, lost wages and lost productivity due to illness. If we take into account the broader benefits of people living longer, healthier lives, the return on investment rises to US$ 48 per US$ 1 spent.

Ozawa S, Clark S, Portnoy A et al. Return on investment from childhood immunizations in low- and middle-income countries, 2011-20, Health Affairs 2016.

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