SINGAPORE, June 3, 2026 – Singapore-headquartered Impact Investment Exchange (IIX) has successfully priced the second tranche of its Women’s Livelihood Bond™ 7 (WLB7), bringing the total issuance of the bond series to US$92 million and reinforcing investor confidence in gender-focused climate finance despite growing uncertainty across global sustainable finance markets.
The latest issuance comes at a time when the sustainable finance sector is facing mounting pressures from geopolitical tensions, tightening development funding and shifting global climate priorities. Yet, according to IIX, investor appetite for solutions that combine climate resilience with social impact remains strong.
The seventh issuance in the Women’s Livelihood Bond™ series is expected to positively impact approximately one million lives across India, Indonesia, the Philippines and Sri Lanka through investments spanning clean energy, sustainable agriculture, healthcare and financial inclusion. Women and underserved communities remain at the centre of the bond’s investment strategy.
A Decade-Long Experiment in Blended Finance
The successful pricing of WLB7b marks another milestone in a journey that began in 2017 when IIX launched the world’s first gender-lens impact investing security listed on a public exchange.
The inaugural Women’s Livelihood Bond, valued at US$8.5 million and listed on the Singapore Exchange, was structured using a three-layer blended capital model supported by development finance institution credit enhancement and third-party verification.
Since then, the WLB series has grown to approximately US$320 million across seven issuances, while maintaining a track record of meeting all bondholder obligations despite disruptions caused by the COVID-19 pandemic, global supply chain challenges and broader geopolitical uncertainties.
IIX said the latest issuance demonstrates the resilience of blended finance structures that are designed not only to mobilise capital but also to create scalable models capable of attracting mainstream institutional investors.
The WLB model is intentionally multi-sectoral, reflecting the interconnected challenges faced by vulnerable communities.
Climate resilience, food security, healthcare access and financial inclusion are often experienced simultaneously by low-income populations, particularly women. By addressing these challenges within a single financing structure, the bond seeks to generate broader development outcomes while maintaining commercial viability.
Orange Bonds Gain Momentum in Sustainable Finance
WLB7 is certified as an Orange Bond, a relatively new category of sustainable finance instruments focused on the intersection of climate action and gender equality.
Orange Bonds have emerged as one of the fastest-growing segments within the sustainable finance ecosystem as investors increasingly recognise the importance of addressing social inequalities alongside climate challenges.
According to IIX, the market volatility and funding constraints experienced across parts of the sustainable finance sector during 2025 did little to slow investor demand for these instruments.
The transaction attracted support from a broad coalition of institutional investors and development partners, including Nuveen, APG, International Finance Corporation, Swedish International Development Cooperation Agency, Ford Foundation, Standard Chartered Bank, Linklaters and Clifford Chance.
Durreen Shahnaz, Founder and Chief Executive Officer of IIX, said the latest issuance reflects a broader shift in investor priorities.
“This latest issuance in the Women’s Livelihood Bond™ Series builds on a strong foundation and points to where the market is heading,” she said.
“Investors are increasingly backing solutions that integrate gender equity with climate resilience. That shift is unlocking more capital for enterprises addressing the needs of historically underserved communities. WLB7 reinforces that Orange Bonds can deliver measurable positive impact alongside market-aligned returns.”
Institutional Investors See Growing Potential
Supporters of the issuance argue that gender-climate investing is moving beyond a niche impact category and becoming an increasingly credible component of mainstream sustainable finance portfolios.
Roy Swan, Director of Mission Investments at the Ford Foundation, said the investment supports efforts to create a more inclusive economic system.
“This investment is a critical tool for improving the livelihoods of women, refugees, and marginalized communities in South and Southeast Asia,” he said.
Meanwhile, Stephen M. Liberatore, Head of ESG/Impact for Global Fixed Income at Nuveen, highlighted the growing appeal of Orange Bonds among institutional investors seeking a combination of impact and financial performance.
“As demand grows for investments that integrate attractive relative value, blended finance and impact, Orange Bonds are emerging as a credible and scalable segment of the sustainable finance market,” Liberatore said.
He noted that Nuveen has invested in the Women’s Livelihood Bond series since WLB2 and believes there is significant potential for further growth and future issuances.
WLB7 is listed on the Singapore Exchange and has received certification from Sustainable Fitch Limited as the Second Party Opinion Provider, confirming alignment with the Orange Bond Principles™, as well as the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines. The issuance will also comply with European Union and United Kingdom securitisation regulations.
As climate finance continues to evolve amid global economic uncertainty, the successful pricing of WLB7 suggests that investors remain willing to back innovative financing models that seek to deliver measurable environmental and social outcomes alongside financial returns.