World Bank Project Deck
37
OUTCOME BOND EXAMPLE
Wildlife Conservation Bond to Protect Black Rhinos
and Support Local Communities in South Africa
On March 31, 2022, the World Bank (IBRD) issued the first Wildlife Conservation Bond, a principal protected
outcome bond, that channels additional private capital for conservation outcomes.
• Investors foregone regular coupons fund
conservation investment in two parks in
South Africa, while also providing
environmental and social benefits to local
communities.
•
•
In addition to return of principal and a
small guaranteed return, investors
potentially receive a conservation
success payment at maturity (funded by
the Global Environment Facility) based on
rhino population growth rates.
Nuveen was the lead investor in the
transaction which included other
institutional investors and individual
investors from both Credit Suisse and
Citi private banking.
WCB Press Release
USD 150 million 5-year Bond
Summary Terms and Conditions
Rating:
Maturity:
Total Amount:
Settlement Date:
Maturity Date:
Issue Price:
Conservation
Investment
Payment:
Conservation
Success Payment:
Sole Structurer:
Bookrunners:
AAAP
5-year
USD 150 million
03/31/2022
03/31/2027
94.84%
Issuer will make payments totaling ZAR 152
million to the Park Managers to finance rhino
conservation activities.
Paid to investors at maturity based on rhino
growth rates in two Parks.
Maximum payment is US$13.76 million
Credit Suisse
Credit Suisse and Citibank, NA
Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects
or programs, and returns on the bonds described herein are not linked to the performance of any particular project or program.View entire presentation