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Glossary

Pandemic bond

Category — ESG
Pandemic bonds are a sub-type of catastrophe bonds that are linked to the risk of a pandemic outbreak, resulting in significant financial losses.

Holders of such securities receive coupon income until activation of the condition by the number of cases, the level of spread or the growth of the pandemic, then their investments will be fully or partially spent on insurance payments. Pandemic bonds can attract investors with a fairly high yield and lower volatility compared to other asset classes, as the pandemic bonds are virtually unaffected by macroeconomic events.

In 2017, after several outbreaks of Ebola, the World Bank created the "Pandemic Emergency Financing Fund". After the Ebola pandemic in some African countries in 2014, which killed about 11,000 people, the World Bank decided to create a new type of bonds in case of a similar pandemic, called pandemic bonds. The first such instrument was issued in June 2017 as part of the Pandemic Emergency Financing Facility to provide immediate assistance to Third World Countries to combat possible future epidemics.

The proceeds from the pandemic bonds are intended for 76 countries that are members of the World Bank’s International Development Association, usually the poorest countries of the world.
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