Table 3

The financial terms of the SIBs for NCDs

SIBIRR if targets are not metIRR if targets are metIRR if targets are exceededMax outcome payments (from outcome payer to service provider and to investor)Fixed couponType of social impact bond structure
Canada’s Community Hypertension Prevention InitiativeUndisclosed.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 WellnessUndisclosed,
‘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.50Undisclosed.£8.2m.50No.Intermediated.
Haringey, Staffordshire and Tower Hamlets’ Mental Health Employment PartnershipUndisclosed.8%.52 53Undisclosed.£ 2.9 million.52 53No.Intermediated.
New South Wales’ (NSW) Resolve6.70%, 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.41Depends.
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.86 882% per annum fixed coupon over the first 4.75 years of the bond.41Direct.
Hachioji’s Colorectal Cancer ScreeningUndisclosed.Undisclosed.Undisclosed.¥9 762 000.(39)No.Direct.43
Kobe’s Preventing severe diabetic nephropathyUndisclosed.5%.39Undisclosed.¥34.06 million.89No.Direct.39
Netherlands’ Cancer and WorkUndisclosed.10% interest per year.90 Undisclosed.€0.77 million.90Undisclosed.Undisclosed.
DevonUndisclosed.Undisclosed.Undisclosed.£774 068 (£657 068 to the National Lottery Community Fund.
£117 000 to Devon County Council.)
Undisclosed.Undisclosed.
IsraelUndisclosed.6.5%.Undisclosed.Undisclosed.91Undisclosed.Direct.82
AucklandUndisclosed.9% maximum return for Class A (lower risk), 17% for class B (higher risk).38Undisclosed.Undisclosed.92Undisclosed.Undisclosed.
  • IRR, internal rate of return; NCD, non-communicable disease; ROI, return on investment; SIB, social impact bond.