Across seven issuances since 2017, IIX has met all bondholder obligations through COVID-19 and the geopolitical pressures of 2025. With the pricing of WLB7’s second tranche, the series will reach approximately 1 million lives across India, Indonesia, the Philippines, and Sri Lanka.
The sustainable finance ecosystem was already under strain. Geopolitical shifts had unsettled the multilateral climate frameworks that underpinned much of the sector’s growth. Development funding had tightened across major donor markets. For parts of the ecosystem built on stable conditions and concessional capital, the cracks were showing.
Nevertheless, capital continued to flow. Impact Investment Exchange (IIX) has announced the successful pricing of the second tranche of its award-winning Women’s Livelihood Bond™ (WLB™) Series, with WLB7b bringing total issuance across both tranches to US$92 million. The seventh issuance in the WLB Series is set to reach approximately 1 million lives across India, Indonesia, the Philippines, and Sri Lanka, deploying capital across clean energy, sustainable agriculture, healthcare, and financial inclusion, with women and underserved communities at the center of each investment.
The result reflects a design choice made nearly a decade ago. When IIX listed WLB1 on the Singapore Exchange in 2017, the world’s first gender-lens impact investing security on a public exchange, the US$8.5 million debut was built on a three-layer blended capital stack with DFI credit enhancement and third-party verification. The structure was intended to replicate, not just to close. Seven issuances and approximately US$320 million later, all bondholder obligations have been met, including those arising from COVID-19, supply chain disruptions, and the pressures of 2025.
WLB’s multi-sector scope reflects the reality of the communities the bond serves. Climate resilience, healthcare, food security, and financial inclusion are not separate challenges; they are experienced simultaneously. By centering investments on women and underserved communities, who are disproportionately impacted across all of these areas, WLB7b, Similar to its predecessor bonds in the series, is able to address multiple priorities within a single financial structure.
WLB7 is certified as an Orange Bond, a cross-cutting asset class dedicated to financing at the nexus of climate action and gender equality. Orange Bonds have moved from an experiment on the margins of sustainable finance to one of the asset class’s fastest-growing segments. The stress of 2025 did not change that trajectory, and the WLB track record helps explain why institutional investors continued to allocate.
The transaction attracted a strong coalition of investors and partners, including Nuveen, APG, International Finance Corporation, the Swedish International Development Cooperation Agency, the Ford Foundation, Clare Foundation, Standard Chartered Bank, Linklaters, and Clifford Chance.
“This latest issuance in the Women’s Livelihood Bond™ Series builds on a strong foundation and points to where the market is heading,” said Durreen Shahnaz, Founder and Chief Executive Officer of Impact Investment Exchange. “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.”
“The Ford Foundation is proud to support IIX and WLB7 as part of our commitment to building an economy that works for everyone. This investment is a critical tool for improving the livelihoods of women, refugees, and marginalized communities in South and Southeast Asia. Our partnership with IIX reflects our belief that a more inclusive financial system is not only possible, but essential to driving sustainable and equitable growth,” said Roy Swan, Director of Mission Investments, Ford Foundation.
“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,” said Stephen M. Liberatore, CFA Head of ESG/Impact for Global Fixed Income, Nuveen. “WLB7 reflects the strength of this model in mobilizing capital at scale and directing it toward solutions that improve livelihoods and build climate resilience. Having been invested in the WLB Series since WLB2, we have seen its evolution firsthand and believe there is significant potential for continued growth, enabling further issuances that can expand impact across underserved communities.”
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. It will also comply with EU and UK securitization regulations.