TAILIEUCHUNG - Forest-Backed Bonds Proof of Concept Study: FINAL DRAFT - CIRCULATED TO STEERING GROUP

The government debt of both Member States amounts to about EUR 2 billion, but Member State A pays a yield of 2%, while Member State B pays a yield of 5% on national issuance with 5-year maturity. Stability Bond issuance would finance both Member States fully, with maturity of 5 years and an interest rate of 2%). The distribution of Stability Bond issuance would be 50% for each Member State. Part of the funding advantage that Member State B would enjoy from Stability Bond issuance could be redistributed to Member State A. For example, a 100bps discount for Member. | forum for the future action for a sustainable world Forest-Backed Bonds Proof of Concept Study FINAL DRAFT - CIRCULATED TO STEERING GROUP 06 August 2007 Prepared by Forum for the Future and EnviroMarket Ltd for IFC and DfID Forest-Backed Bonds Proof of Concept Study Forum for the Future EnviroMarket Acknowledgements A large number of individuals were consulted in the process of pulling this report together. We would like to thank everyone who has contributed in a small or greater part to the process. Much would not have been possible without expert guidance from the Steering Group and a real desire on the part of our project sponsors to see the idea become a reality. Editor Alice CC c f i l Forum ffrtheFuture Authors Simon Petley Jon Grayson Nick Moss Gillespie Susannah Turnbull Andrew Gaines Andreas Wackernagel - EnviroMarket Ltd About the programme The research programme was established in mid-2006 by the International Finance Corporation IOC with backing from the UK Department for International Development DfID and sets out to test the technical feasibility and likely development impact of eco-securitisation by examining its potential role in the financing and or re-financing of sustainable forestry in the developing world. The Programme is divided into three stages. This first stage a Proof of Concept Study examines the technical feasibility of the idea. Based on its conclusions subsequent phases are expected to explore concept development and identify and promote measures that would act as market catalysts. Partners and Sponsors The concept was originally promoted by Mark Campanale then Head of SRI Business Development at Henderson Global Investors in London. In early 2005 a proposal to undertake a proof of concept study was developed in collaboration with EnviroMarket and Green Gold. The initiative quickly attracted the attention of the International Finance Corporation IOC and the UK Department for International Development DfID and in mid-2006 the two .

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