November 19th, 2019
A well-established mission-focused microfinance arm of an international children’s charity has combined with Australia’s largest fixed income specialist to create a “Kangaroo bond’’ that will help support vulnerable people in the developing world.
Vision Fund, a subsidiary of World Vision, will partner with FIIG Securities Limited to offer the impact investing opportunity to eligible investors in Australia. The five-year bond will be issued in Australia and in Australian dollars. The bond is unsecured and unsubordinated and offers a fixed rate of five per cent a year, paid semi-annually.
VisionFund has provided 16 million loans totalling $ (US) 9 billion since its inception in 2004. VisionFund will on-lend the funds raised through the bond issue and grow the microfinance institutions that ultimately provide loans, savings and insurance products to vulnerable members of the community across the developed world. FIIG has waived its fees to VisionFund and their clients while Perpetual Trustees have provided pro-bono services.
Funder: Lord Mayor’s Charitable Foundation
For-purpose: Housing Choices Australia
Award partner: Macquarie Group