Capital Markets: Team Of The Month - Capital Injection Aids Development - For The First International Finance Facility For Immunisation Debt Issue To Succeed, Lead Managers Goldman Sachs And Deutsche Bank Had To Devise A Way Of Frontloading Development Fi.

Banker, The, February, 2007

Byline: EDWARD RUSSELL-WALLING

The capital markets are not celebrated for their tender, loving kindness. Perhaps that is why the players like to do the right thing if they get the chance - provided it makes economic sense, of course. That would explain why the world's first triple-A charity bond was such a success with investors.

With apparent ease, last November's inaugural debt issue from the International Finance Facility for Immunisation (IFFIm) raised $1bn in five- year money at 5%. The project did a lot more than simply uncover an institutional caring streak, however, and it was only the execution phase that seemed easy.

IFFIm is the first new supranational borrower since the European Bank for Reconstruction and Development arrived on...

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