A great example of innovation in social finance - the Global Alliance for Vaccine Immunization will offer Japanese bond investors higher-than-average yields to fund a program providing vaccinations to children in poor nations.

The goal is to raise upto $500 million through philanthropy, government contributions and private investors. Funds will be used primarily used to purchase vaccines, with the remainder spent on distribution and helping local authorities expand their health-care systems.

The bonds will be denominated in New Zealand dollars, Australian dollars and the South African rand, and will carry the top credit rankings from Standard & Poor’s, Moody’s Investors Service and Fitch Ratings - they are part of the International Finance Facility for Immunisation Company (IFFIm) backed by the World Bank and the governments of France, Italy, Norway, South Africa, Spain, Sweden and the United Kingdom.

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