The first bond recognisable as a labelled social bond was issued in November 2006 by the International Finance Facility for Immunisation (IFFIm); a $1bn five-year offering of Vaccine Bonds. Supranationals anchored the market in its early years followed by government agencies; more latterly the market has expanded to financial and corporate issuers.
Key learning objectives:
What is IFFIm?
What role did IFFIm play in the development of the social bond market?