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Impact Bonds Worldwide_May 2016

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by

Sophie Gardiner

on 9 June 2016

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Transcript of Impact Bonds Worldwide_May 2016

Note: Data unavailable for 9 impact bonds
57 SIBs and 2 DIBs as of March 2016
Strengths of impact bonds:
Areas for potential improvement:
United States: 11 SIBs
3 Criminal Justice
3 Homelessness
2 Education
2 Child Welfare
1 Homelessness/Child Welfare
Canada: 2 SIBs
1 Child Welfare
1 Education
United Kingdom: 31 SIBs
14 Employment
7 Employment/Homelessness
5 Child Welfare
2 Homelessness
2 Health
1 Criminal Justice
Netherlands: 2 SIBs-
Employment

Finland: 1 SIB-
Health
Germany: 1 SIB-
Employment
Austria: 1 SIB-
Employment
Portugal: 1 SIB-
Education
Switzerland: 1 SIB-
Employment
Belgium: 1 SIB-
Employment
Israel: 2 SIBs
1 Education
Australia: 3 SIBs
2 Child Welfare
1 Homelessness
India: 1 DIB
1 Education
Peru: 1 DIB
1 Agriculture
1. Defining the mechanism
2. The impact bond market to date
3. The potential and limitations of impact bonds
Basic impact bond mechanics
10 common claims about impact bonds
Social Impact Bond (SIB)
=
Social Benefit Bond (SBB)
=
Pay for Success (PFS) Contract

Social Impact Bond (SIB)
government
is outcome funder

Development Impact Bond (DIB)
third party
is outcome funder
Recent trends
More impact bonds for health and child welfare outcomes
Attempts to standardize contracting and reduce transaction costs
Interest in U.S. in the fund model, reduced management role for intermediary and more significant role for outcome funder
Critical issues to consider
Relationship betwen results-based financing and quality of services
Increasing interest from bilaterals and multilaterals
Diversification of investors
Too soon to tell:
Characteristics of highest potential services
Source: Authors' research
Source: Authors' research
Source: Authors' research
Mechanism selection
Implementation
Transaction costs and evaluation methods
Market regulation
Regulation of investment terms and tax status
Input-based
Output-based
Outcome-based
Primarily state providers
Primarily non-state providers
Pilot
Mezzanine
Large scale
Impact bonds:
A confluence of trends
1 Health
South Africa: Outcome funding approved for 3 DIBs for ECD*, investor contracts yet to be signed.
*undisclosed how many focused on primarily health or education outcomes
Source: Authors' research
Note: Nottingham Futures (2.72) is approximate, data unavailable for 8 SIBs: Birmingham, Street Impact (Thames Reach), Home Group, Triodos New Horizons, Prevista, ThinkForward, Living Balance, Eleven Ausberg
3 types of capital commitment: senior, subordinate, grants/guarantees
Upfront Capital Commitment, March 2015
Full transcript