The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Debt market round-up: Iffim prices first deal

The first deal for the International Finance Facility for Immunization has priced. Iffim is an international development funding project supported by the governments of the UK, France, Norway, Sweden, Italy, Spain, South Africa and Brazil and by the Bill & Melinda Gates Foundation. It uses these donor sponsors’ future commitments to front load aid to the Global Alliance for Vaccines and Immunization (Gavi) which is targeting 500 million children in the world’s poorest countries.

As a result of this innovative use of the capital markets Gavi will be able to put in place long-term plans. The Iffim programme is $4 billion in total. Goldman Sachs, which worked on structuring the deal for two years on a pro bono basis, did the deal alongside Deutsche Bank. Others working for free included lawyers from Slaughter and May, Linklaters and Richard Butler.

The inaugural $1 billion five-year bond, which printed at a 31 basis points spread over treasuries, just a few points wider than other supranational borrowers. (See Securitization: A steadier stream of health initiatives, October 2005 and IFFIm: a supra new borrower?, September 2006 for more detail on the Iffim concept.)

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree