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Alternative Market Briefing

Impax Asset Management invests in World Bank bonds designed to empower women

Tuesday, March 05, 2019

Bailey McCann, Opalesque New York:

The World Bank has announced a $4 million, three-year sustainable bond issue focusing on UN Sustainable Development Goal 5-to achieve gender equality and empower all women and girls. Impax Asset Management will be the sole investor in the new issue through its Pax Core Bond Fund. The Pax Core Bond Fund is a $682 million, investment grade bond strategy that invests in bonds with positive ESG and social impact.

The World Bank works with public and private-sector partners to close gaps between men and women in society. In the last two decades, the world has narrowed the divide between men and women, especially in primary education and health. Yet critical gaps remain. Globally, countries are losing $160 trillion in wealth because of differences in lifetime earnings between women and men. The bond issue is designed to support the World Bank's investment in programs that can cut the wealth gap, improve education and help women get ahead.

"Sustainable bond funds are a great way to fund these types of investments because with fixed income, you can use the proceeds to make direct investments in things like microlending or education," explains Tony Trzcinka, portfolio manager of the Pax Core Bond Fund in an interview with Opalesque. "The World Bank issues AAA credit so we can be assured of the quality and liquidity of World Bank bonds."

The World......................

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