The project involves IFC sponsoring the Build-Back-Better Emerging Markets Social, Sustainability, and Sustainability-linked Transaction Bond Fund (the “Fund”) with a target size of US$1 - 2 billion, managed by Amundi Asset Management (“Amundi” or “the Asset Manager”). The Fund will mobilize international investor funding for investments in social, sustainability, sustainability-linked and green bonds issued by emerging market real sector firms, financial institutions, projects, and sub-sovereigns, where the relevant transactions support COVID-19 relief efforts and/or promote an inclusive and resilient recovery from the pandemic while at the same time consolidating market standards for these nascent asset classes. The Fund will have a capital structure that transforms risk associated with a portfolio of mostly sub-investment grade emerging market bonds into a senior tranche characterized by risk that is well in investment grade territory and a subordinated tranche which provides credit-enhancement for the latter. The project is expected to be supported by IDA19 Private Sector Window Blended Finance Facility as described in the Blended Finance Section.
main project-level outcome is improved access to private sector capital for
issuers of Sustainable Bonds in EMDEs through mobilization of capital from
institutional investors to specifically invest in Sustainable Bonds issued by
EMDE entities. This is expected to encourage increased issuances of Sustainable
Bonds by EMDE issuers. Beyond this outcome, IFC anticipates the proposed
investment will catalyze change in the market through increased issuance of
Sustainable Bonds in EMDEs and thereby promote greater integration in the
market via innovation, demonstration, and replication channels.
IFC's investment, as approved by the Board: 100 million USD (loan); 140 million USD (equity).
Amundi Asset Management
Senior Institutional Clients Coverage
+33 6 15 05 07 92
90, boulevard Pasteur, CS 21564, 75730 Paris Cedex 15, France
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