{"id":575916,"date":"2020-11-03T04:00:19","date_gmt":"2020-11-03T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/enterprise-explains-corona-bonds\/"},"modified":"2020-11-03T04:00:19","modified_gmt":"2020-11-03T04:00:19","slug":"enterprise-explains-corona-bonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/enterprise-explains-corona-bonds\/","title":{"rendered":"Enterprise Explains: Corona bonds"},"content":{"rendered":"

<\/a> Enterprise Explains: Corona bonds.<\/strong> The European Union made headlines last month<\/a> after its maiden issuance of so-called \u201ccorona bonds\u201d set a new record for the largest ever order book in the global bond markets. Falling under the rubric of \u2018social bonds,\u2019 pandemic-linked securities have this year enabled countries and companies alike to stay afloat, channel funding into supporting healthcare services, and finance the development of vaccines.<\/p>\n

The idea of using debt finance to provide support during pandemics isn\u2019t a 2020 innovation.<\/strong> Inspired by the 2014 Ebola outbreak in West Africa, the World Bank in 2017 launched the first ever pandemic bond<\/a>; a fixed-income security whose proceeds would be earmarked exclusively for developing countries in the event of a pandemic. Using its new Pandemic Emergency Financing Facility (PEF), the bank pledged to channel USD 500 mn to low income countries over five years via the issuance of bonds and derivatives, with Japan and Germany on board to cover the premiums.<\/p>\n

The PEF has been deployed in response to the covid-19 outbreak.<\/strong> By September more than USD 195 mn had been disbursed<\/a> to 64 low-income countries to bolster the capacity of health authorities to contain the spread of the virus.<\/p>\n

Enter the EU.<\/strong> The European Union has become a standard bearer of sorts for the corona bond concept. Despite long-standing opposition to joint debt issuance from the bloc\u2019s fiscally hawkish members, the EU finally agreed to launch a EUR bn programme<\/a> in July that will channel funding to the countries hardest hit by the pandemic and accompanying economic downturn. The bloc plans to issue EUR 100 bn of the bonds under its SURE programme<\/a>, EUR 17 bn of which were sold in an offering last month which received \u201coutrageous demand\u201d<\/a> from international investors.<\/p>\n

Things get a little more nebulous when it comes to corporate corona bonds.<\/strong> Fuelled by huge investor appetite for the securities, USD hundreds of bns of corona bonds have been issued by companies this year. This may be more fiction than fact though: the Wall Street Journal<\/a> suggests that some companies have been more interested in capitalizing on the corona bond name than actually channelling funding into work related to the pandemic. Companies such as Pfizer, Bank of America and the Bank of China have all claimed to issue covid-linked securities this year, but there is little consensus on the definition of what a corona bond actually is, and no system exists to track how the proceeds are used.<\/p>\n

Herein lies the issue for corona bonds:<\/strong> While an international framework like the one agreed by the EU obliges sovereigns to report on how the funds are being used, there is no such structure governing corporate issuance<\/a>. There are no transparency regulations or reporting requirements that compel companies to fully disclose where the money is going, or even whether it\u2019s being used for sustainable or social purposes. For investors who put a premium on trust and social responsibility, this could be an issue.<\/p>\n","protected":false},"excerpt":{"rendered":"

Enterprise Explains: Corona bonds. The European Union made headlines last month after its maiden issuance of so-called \u201ccorona bonds\u201d set a new record for the largest ever order book in the global bond markets. Falling under the rubric of \u2018social bonds,\u2019 pandemic-linked securities have this year enabled countries and companies alike to stay afloat, channel […]<\/p>\n","protected":false},"author":1,"featured_media":575917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[82,1112,107,695,72,7192,125,527,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-bonds","tag-corporate-bonds","tag-covid-19","tag-enterprise-explains","tag-enterpriseam","tag-eu","tag-investment-watch","tag-pandemic","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"e0efd6c8-588c-4219-adf4-6c3a3ea60795","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/45.jpg","photo_position":"above","related_issue":[575899],"teaser":"","voice_url":""},"yoast_head":"\nEnterprise Explains: Corona bonds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/enterprise-explains-corona-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Explains: Corona bonds\" \/>\n<meta property=\"og:description\" content=\"Enterprise Explains: Corona bonds. The European Union made headlines last month after its maiden issuance of so-called \u201ccorona bonds\u201d set a new record for the largest ever order book in the global bond markets. 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With a record-breaking offering about to hit the market, securitized bonds are becoming an increasingly popular method of debt finance among real estate and consumer finance companies \u2014 private-sector and government-owned alike. Sarwa, Madinet Nasr Housing, Palm Hills, Raya and NUCA have all hopped on the\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596162,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/egypt-to-issue-callable-bonds-amid-expectations-of-interest-rate-cuts\/","url_meta":{"origin":575916,"position":1},"title":"Egypt to issue callable bonds amid expectations of interest rate cuts","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"EXCLUSIVE- FinMin looking to issue callable bonds amid expectations of interest rate cuts: The Finance Ministry has begun amending its plans for its upcoming bond issuances to include the sale of callable local bonds as a means of hedging against fluctuating interest rates, two government sources tell Enterprise. The ministry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564915,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","url_meta":{"origin":575916,"position":2},"title":"ETFs and the corona crash","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"Bond ETF providers may have played dirty to prevent a corona-inspired exodus last March. This is what the Bank of International Settlements seems to suggest in a paper earlier this month when it tried to explain why ETFs were trading at such huge discounts to their underlying assets at the\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587443,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/finmin-to-take-usd-500-mn-panda-bond-issuance-to-market-in-3q-2023\/","url_meta":{"origin":575916,"position":3},"title":"FinMin to take USD 500 mn panda bond issuance to market in 3Q 2023","author":"enterpriseam admin","date":"28 May 2023","format":false,"excerpt":"The ministry delayed the issuance due to volatile market conditions","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587078,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/green-panda-bonds-around-the-corner\/","url_meta":{"origin":575916,"position":4},"title":"Green panda bonds around the corner?","author":"enterpriseam admin","date":"22 May 2023","format":false,"excerpt":"We have a guarantor for our maiden panda bond sale: The African Development Bank (AfDB) has agreed to provide ins. coverage for USD 345 mn of our maiden USD 500 mn CNY-denominated bond issuance, the multilateral lender said yesterday.Green pandas: The proceeds are set to be used for sustainable development\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598344,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/egypt-plans-to-issue-infrastructure-bonds-in-2h2019-20\/","url_meta":{"origin":575916,"position":5},"title":"Egypt plans to issue infrastructure bonds in 2H2019-20","author":"enterpriseam admin","date":"22 May 2019","format":false,"excerpt":"EXCLUSIVE- The government is planning to issue its first international infrastructure bonds in 2H2019-2020, two senior government officials told Enterprise. The bonds will have long maturities and their proceeds will be directed to infrastructure projects, the officials said. The government has begun talks with the China-led Asian Infrastructure Investment Bank\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575916"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575916\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575917"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575916"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575916"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}