THIS DOCUMENT IS NOT AN OFFER FOR THE SALE OF SECURITIES. THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, IN OR INTO, DIRECTLY OR INDIRECTLY, THE UNITED STATES
Tokyo, 29 September 2011 - J.P. Morgan, the World Bank and the International Finance Facility for Immunisation ("IFFIm") (rated AAA/Aaa/AAA), today announced the issuance of US$ 169.4 million (equivalent) of IFFIm "vaccine bonds" in Japan.
The proceeds will bolster the GAVI Alliance's critical vaccination programmes for children in the world's poorest countries. In the past decade, GAVI (formerly the Global Alliance for Vaccines and Immunisation) has vaccinated more than 288 million people and helped save more than 5 million lives. IFFIm has played a critical role, issuing nearly US$ 3.6 billion of bonds since 2006.
The new transaction includes tranches in three currencies:
It's great that a financial transaction provides such a direct link to making a positive contribution to the world. This offering demonstrates Japanese retail investors' continued support for IFFIm and its life-saving purpose.
Christopher Harvey, President and CEO, JPMorgan Securities Japan
"The investment by the Japanese people in IFFIm is a testament to their commitment to GAVI's life-saving work," says Alan Gillespie, IFFIm Board Chair. "We also greatly appreciate J.P. Morgan and our three Japanese distributors for their role in placing IFFIm's AAA-rated bonds."
"We are very grateful for all the work done by J.P. Morgan, Fukuoka Bank, Maeda Securities, Okasan Securities and SMBC Friend Securities," says Doris Herrera-Pol, Director and Global Head of Capital Markets at the World Bank, IFFIm's treasury manager. "Their efforts on behalf of IFFIm will make a real difference in the lives of millions of children in many of the poorest countries in the world."
This issue is IFFIm's first in the Japanese bond market since the Japanese government made its first-ever pledge to GAVI in June this year.
"J.P. Morgan is honoured to work on such an important endeavour," says Christopher Harvey, President and CEO of JPMorgan Securities Japan. "It's great that a financial transaction provides such a direct link to making a positive contribution to the world. This offering demonstrates Japanese retail investors' continued support for IFFIm and its life-saving purpose."
J.P. Morgan's role as the underwriter of this transaction expands upon its growing involvement in raising funds for immunisation, including its participation in the GAVI Matching Fund for Immunisation to which its UK office has donated £1.5 million (US$ 2.4 million).
The securities referred to in this document have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under the securities legislation of any state of the United States, and may not be offered or sold in the United States, other than pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. IFFIm does not presently intend to make a public offer of securities in the United States or to register any securities under the Securities Act. Any offering of securities will made by means of a prospectus that may be obtained from IFFIm and will contain detailed information about IFFIm and management as well as financial statements. The securities referred to in this document will only be offered or sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
For the 5-year ZAR tranche:
|Settlement date:||29 September 2011|
|Principle amount:||ZAR 650 million|
|Maturity date:||29 September 2016|
For the 3-year BRL Tranche:
|Settlement date:||28 September 2011|
|Principle amount:||BRL 105 million|
|Maturity date:||29 September 2014|
For the four year AUD Tranche:
|Settlement date:||29 September 2011|
|Principle amount:||AUD 12 million|
|Maturity date:||30 September 2015|
The GAVI Alliance is a public-private partnership that aims to immunise children and strengthen health systems in the world's poorest countries. It brings together developing country and donor governments, the World Health Organization, UNICEF, the World Bank, the vaccine industry in both industrialised and developing countries, research and technical agencies, NGOs, the Bill & Melinda Gates Foundation and private philanthropists. GAVI provides vaccines against diphtheria, tetanus, pertussis combined with haemophilus influenzae type b and hepatitis B as so-called pentavalent (five antigens in one vaccine) as well as vaccines against measles, yellow fever, pneumococcal diseases (pneumonia and meningitis) and rotavirus (diarrhoea).
International Finance Facility for Immunisation Company (IFFIm) is a multilateral development institution created to accelerate the availability of predictable, long-term funds for health and immunisation programmes through the GAVI Alliance (formerly the Global Alliance for Vaccines and Immunisation) in 70 of the poorest countries around the world. IFFIm was created as a development financing tool to help the international community achieve the Millennium Development Goals. IFFIm's financial base consists of legally binding grants payments from its sovereign sponsors (France, Italy, Norway, South Africa, Spain, Sweden and the UK), on the basis of which IFFIm's is rated AAA/Aaa/AAA (Fitch/Moody's/S&P). The World Bank is the Treasury Manager for IFFIm. IFFIm was established as a charity with the Charity Commission for England and Wales and is registered in England and Wales as a company limited by guarantee with number 5857343 and as a charity with number 1115413.
The World Bank is a global development cooperative owned by 187 member countries. Its purpose is to help its members achieve equitable and sustainable economic growth in their national economies and to find effective solutions to pressing regional and global problems in economic development and environmental sustainability. The goal is to help overcome poverty and improve standards of living for people worldwide. The International Bank for Reconstruction and Development (IBRD), rated Aaa/AAA (Moody's/S&P), is the oldest and largest entity in the World Bank Group and provides funding, risk management tools and credit enhancement to sovereigns. To fund this activity, IBRD has been issuing debt securities in the international capital markets for 60 years. The World Bank is also the Treasury Manager for IFFIm. In that capacity, the World Bank, as IFFIm's agent, manages IFFIm's finances according to prudent policies and standards. This includes IFFIm's funding strategy and its implementation in the capital markets, rating agency and investor outreach, hedging transactions and investment management. The World Bank also coordinates with IFFIm's donors and manages their pledges and payments as well as IFFIm's disbursements for immunisation and health programmes through the GAVI Alliance.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small-business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.