August 10, 2020
The Financial Times has recognized Latham with its “Responsible Firm” Award, in recognition of a Singapore-based team’s efforts on behalf of Impact Investment Exchange’s US$12 million Women’s Livelihood Bond 2 (WLB2). This is the Asia-Pacific’s second multi-country gender bond to be listed on a stock exchange (the Singapore Exchange), creating sustainable livelihoods for 250,000+ underserved women in the region. The award recognizes firms that are leading the march toward responsible business.
The WLB2 is the second bond in the award-winning Women’s Livelihood BondTM Series (WLB Series), debt securities that will create sustainable livelihoods for over 2 million women across Asia through innovative finance. The WLB Series benefits from a partial guarantee provided by the United States Agency for International Development and the Rockefeller Foundation has provided first-loss capital for the bonds issued by WLB2.
The WLB Series are the first listed gender lens bonds for several countries in Asia, including Indonesia, India, Sri Lanka, and Cambodia. Its key innovations include: (1) being the world’s first gender lens instrument listed on a stock exchange; (2) creating a deep impact investment product suitable for institutions and private banking clients; and (3) demonstrating scalability and replicability across geographies and sectors.
Latham advised DBS, Standard Chartered, and ANZ. Led by Singapore partner Rajiv Gupta, the team included Hong Kong counsel Louis Rabinowitz and Singapore associate Esha Goel. Additional support was provided by London partner Lene Malthasen, Chicago partner Nabil Sabki, Chicago associates John Reinert and Jina Yun, and Singapore associate Marcus Tan.