Impact Investment Exchange (IIX), a pioneer in gender-lens investing, has successfully launched the first tranche of the Women’s Livelihood Bond 7 (WLB7).
WLB7, across both tranches, is expected to be the largest bond in the award-winning WLB Series, marking a milestone in efforts to mobilize capital through blended finance, to empower women, girls, and underserved communities in the Global South during pivotal times.
WLB7 earned strong support from stakeholders, reflecting momentum in the Orange Bond market and continual demand for gender-responsive investments.
Key stakeholders include the Swedish International Development Cooperation Agency, Australian Department of Foreign Affairs and Trade, Ford Foundation, International Finance Corporation, Government of Canada, Minderoo Foundation, Paul Ramsay Foundation, APG on behalf of pension fund ABP, iGravity, Impax, Nuveen, ANZ Bank, Standard Chartered Bank, A&O Shearman, Clifford Chance, Cyril Amarchand Mangaldas, and Linklaters.
Once deployed, the bond’s proceeds are expected to empower high-impact enterprises owned and operated by underserved women and communities in India, Indonesia, the Philippines, and Sri Lanka, encompassing themes such as financial inclusion, water and sanitation, agriculture, and clean energy.
Investments are expected to uplift the lives of over 773,000 women and girls, driving meaningful progress towards multiple United Nations Sustainable Development Goals (SDGs), including SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 13 (Climate Action), among others.
WLB7 is expected to be listed on the Singapore Exchange and is certified by Sustainable Fitch Limited as complying with Orange Bond Principles, as well as the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. It will also comply with both the EU and UK Securitization regulations.
Robert Kraybill, chief investment officer of IIX, said: “With WLB7, we are not only continuing to break ground in sustainable finance but also breaking barriers for women and gender minorities across emerging markets, especially during turbulent times in the global political landscape. By deepening our commitment to gender equity and climate resilience, we are galvanizing insights and actions from the ground to drive systemic change. This bond underscores the transformative power of innovative finance to create a more inclusive and sustainable future—what we’ve been championing for the last sixteen years.”
The bond is reinforced by the IIX Women’s Catalyst Fund (WCF), a catalytic derisking facility providing a powerful example of how blended finance can serve to mobilize private-sector investments.
“Blended finance continues to be a powerful tool to address market shortcomings and mobilize investment for impactful projects in emerging and developing markets,” said Katia Daude Gonçalves, country manager for Singapore and Brunei at IFC.
Stephen M. Liberatore, head of ESG / Impact for Global Fixed Income at Nuveen, stated: “As long-standing supporters of the Women’s Livelihood Bond Series since WLB2, we are excited to participate in WLB7. As has been the case since our first investment in WLB2, the relative valuation, strong blended finance structure and industry leading impact reporting are key to our participation. We continue to believe that the WLB series represents a unique opportunity to achieve attractive financial returns alongside direct and measurable impact through the empowerment of underserved communities to address critical global challenges.”
John Hartman, CEO at Minderoo Foundation, said: “Minderoo’s investment in the Women’s Livelihood Bond 7 reflects our deep commitment to unlocking capital for gender equity and inclusive economic growth. By providing $2.6 million in catalytic first-loss capital, we aim to reduce risk for private investors and accelerate financial inclusion for women and girls who are too often left behind. This initiative directly aligns with Minderoo Foundation’s priorities: supporting women-led enterprises, expanding access to finance, and advancing equity across all levels of society.”
The WLB Series began in 2017 with the $8.5 million WLB1, the world’s first gender-lens impact investing security listed on a stock exchange.
The previous six issuances in the WLB Series have mobilized $228 million and continue to provide consistent returns to empower over 2.6 million women and girls across emerging markets.