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First IFFIm Vaccine Bonds of 2010: Increasing Immunisation of Children in the Poorest Countries
Tokyo, 1 March, 2010 – Daiwa Securities Group, the International Finance Facility for Immunisation Company (“IFFIm”), the GAVI Alliance, and the World Bank have announced today IFFIm’s first issue of “Vaccine Bonds” for 2010. The issue, which is being offered to Japanese retail investors, marks the third issue of Vaccine Bonds arranged by Daiwa, following on from highly successful issues in March 2008 and February 2009.
IFFIm, rated AAA/Aaa/AAA, raises funds in the international capital markets to accelerate the availability of funds for health and immunisation programmes in 70 of the poorest countries around the world. IFFIm’s financial base consists of legally binding grant payments from its sovereign sponsors (currently France, Italy, Norway, South Africa, Spain, Sweden, the Netherlands, and the United Kingdom). The World Bank acts as Treasury Manager for IFFIm. The issue provides Japanese investors with an opportunity to contribute to IFFIm and the funding of immunisation programmes for children in developing countries while investing in high credit quality notes.
The Vaccine Bonds are denominated in South African rand with a maturity of three years. The issuance is arranged by Daiwa Securities Capital Markets Co. Ltd, the wholesale securities firm under the Daiwa Securities Group, and will be distributed by Daiwa Securities Co. Ltd, the Group's retail securities firm, to Japanese retail and institutional investors in March 2010.
From its inception in 2006, IFFIm has raised more than US$ 2.3 billion in the capital markets to support GAVI Alliance programmes. GAVI Alliance’s mission is to save children’s lives and protect people’s health by increasing access to immunisation in poor countries.
"IFFIm is an innovative and highly efficient way of raising money for children to be immunised,” said Alan Gillespie, IFFIm’s Chairman. “We are very pleased to be back in Japan which is not only a world leader in finance and banking but also a nation that has done so much to improve the lives of children in poor countries around the world.”
“GAVI and IFFIm play an important role in international public-private collaboration to reach the Millennium Development Goal to reduce child mortality by two thirds by 2015. Daiwa is very pleased to contribute to the efforts in delivering the vaccines to the children in the developing countries through our financial capability of bridging investors and people who need capital. Daiwa Securities Group will continuously provide financial products which will enable investors to contribute in solving social problems facing us”, said Shigeharu Suzuki, the CEO of Daiwa Securities Group.
Summary terms for the new offering are:
| Issuer: | International Finance Facility for Immunisation Company (IFFIm) |
| Issuer Rating: | AAA/Aaa/AAA |
| Currency and Amount: | ZAR 2.5 billion (USD equivalent 320.5 million) |
| Settlement Date: | March 23, 2010 |
| Maturity Date: | March 27, 2013 |
| Listing: | Luxembourg |
| Denomination: | ZAR 10,000 |
| Coupon (semi-annual payment): | 7.15% |
* Details of the terms and conditions will be available in the pricing supplement that is to be read in conjunction with IFFIm's most recent base prospectus describing IFFIm's Global Debt Issuance Programme.
About the GAVI Alliance
www.gavialliance.org
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 2009 show that through GAVI support 257 million additional
children have been vaccinated. This will prevent more than five million
premature deaths. GAVI provides vaccines against diphtheria, tetanus,
pertussis (DTP) combined with haemophilus influenzae type b (Hib)
and hepatitis B in a 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).
About IFFIm
www.iff-immunisation.org
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. To date, IFFIm
has raised more than US$ 2.3 billion for GAVI programmes. IFFIm’s
financial base consists of legally binding grant payments from its
sovereign sponsors (France, Italy, Norway, South Africa, Spain,
Sweden, The Netherlands 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.
About the World Bank www.worldbank.org
The World Bank is a global development cooperative owned by 186
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. This includes IFFIm’s funding strategy and its
implementation in the capital markets, rating agency and investor
outreach, hedging transactions and investment management. 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.
About Daiwa Securities Group www.daiwa-grp.jp/index.cfm
Daiwa Securities Group Inc., headquartered in Tokyo, Japan, is the
holding company of a group of companies that provides a broad range
of investment and financial services. Brokerage of equities, bonds,
derivatives and other financial products, investment banking services
such as underwriting and M&A advisory, asset management for
retail and institutional clients, as well as venture capital and
principal investments are included in these services. A total of
16,000 employees work for the Group around the world. Customers’
assets under custody totaled JPY42.2 trillion and assets under management
of the Group’s two asset management companies totaled JPY12.8
trillion as of the end of 2009. The Group has its operational base
around the world, including Japan, the US, Europe, and Asia Oceania.
Through this global network, the Group provides a broad range of
services to fulfill the needs of its clients worldwide.
Media Contacts
Dan Thomas - GAVI Alliance and IFFIm (Geneva):
Tel: +41 22 909 6524, Mobile: +41 79 251 8581 dthomas@gavialliance.org
Yoshiyuki Arima - World Bank (Tokyo):
Tel: +81 3 3597 6650, yarima@worldbank.org
Rachel Winter Jones - World Bank (Paris):
Tel: +33.1.40.69.30.52, Mobile: +33.6.23.14.17.45, Rjones1@worldbank.org
Kenichi Kanda, Kozue Niida, Takahiro Inoue - Daiwa Securities
Capital Markets:
Tel. +81.3.5555.3039, publicrelations@daiwasmbc.co.jp
Hidekazu Kurihara, Hiroharu Misawa, Ryoji Fuchinoue - Daiwa
Securities Group Inc.:
Tel. +81.3. 5555.1165
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. ANY OFFERING OF SECURITIES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM IFFIm AND WILL CONTAIN DETAILED INFORMATION ABOUT IFFIm AND ITS MANAGEMENT AS WELL AS FINANCIAL STATEMENTS. 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.
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