SIB | IRR if targets are not met | IRR if targets are met | IRR if targets are exceeded | Max outcome payments (from outcome payer to service provider and to investor) | Fixed coupon | Type of social impact bond structure |
Canada’s Community Hypertension Prevention Initiative | Undisclosed. | 6.7% | 8.8% | $C4 million.54 79 | $C1 million payment guarantee. | Direct. |
Fresno’s Asthma Impact Model (AIM4Fresno) | Undisclosed. | 5.9% return by 18 months and 8.2% by 2015.46 US$3M principal+interest repaid to bond investors.85 | Undisclosed. | Undisclosed. | Undisclosed. | Undisclosed. |
Newcastle’s Ways to Wellness | Undisclosed, ‘the multiple could be much lower and conceivably all investment could be lost.’50 | The investor, Bridges Ventures will receive 1.38 times the initial investment.50 | Undisclosed. | £8.2m.50 | No. | Intermediated. |
Haringey, Staffordshire and Tower Hamlets’ Mental Health Employment Partnership | Undisclosed. | 8%.52 53 | Undisclosed. | £ 2.9 million.52 53 | No. | Intermediated. |
New South Wales’ (NSW) Resolve | 6.70%, 5.7%, 4.2%, or 0.3% for a 22.5%, 20%, 17.5% or 15% NWAU reduction respectively. <15% NWAU reduction means no ROI. | 7.5% per annum.41 | Depends. 8.4%, 9.1%, 10%, 10.7% or 11.2% for a National Weighted Activity Unit (NWAU) reduction of 27.5%, 30%, 32.5%, 35%, or 37.5% respectively. | $A23.9 million.86 88 | 2% per annum fixed coupon over the first 4.75 years of the bond.41 | Direct. |
Hachioji’s Colorectal Cancer Screening | Undisclosed. | Undisclosed. | Undisclosed. | ¥9 762 000.(39) | No. | Direct.43 |
Kobe’s Preventing severe diabetic nephropathy | Undisclosed. | 5%.39 | Undisclosed. | ¥34.06 million.89 | No. | Direct.39 |
Netherlands’ Cancer and Work | Undisclosed. | 10% interest per year.90 | Undisclosed. | €0.77 million.90 | Undisclosed. | Undisclosed. |
Devon | Undisclosed. | Undisclosed. | Undisclosed. | £774 068 (£657 068 to the National Lottery Community Fund. £117 000 to Devon County Council.) | Undisclosed. | Undisclosed. |
Israel | Undisclosed. | 6.5%. | Undisclosed. | Undisclosed.91 | Undisclosed. | Direct.82 |
Auckland | Undisclosed. | 9% maximum return for Class A (lower risk), 17% for class B (higher risk).38 | Undisclosed. | Undisclosed.92 | Undisclosed. | Undisclosed. |
IRR, internal rate of return; NCD, non-communicable disease; ROI, return on investment; SIB, social impact bond.