As parts of the sustainable finance ecosystem grapple with tighter development funding and mounting geopolitical pressures, Impact Investment Exchange (IIX) has priced the second tranche of its Women’s Livelihood Bond (WLB) Series 7, bringing the total issuance of WLB7 to US$92m.
The latest tranche, WLB7b, is expected to reach one million lives across India, Indonesia, the Philippines and Sri Lanka, channelling capital into sectors including clean energy, sustainable agriculture, healthcare and financial inclusion. Women and underserved communities remain central to the bond’s investment strategy.
The milestone comes amid a more challenging backdrop for blended finance and impact investing. Shifting geopolitical dynamics and strains on multilateral climate frameworks have tested the resilience of sustainable finance structures that previously relied on stable concessional capital flows.
Yet IIX’s WLB platform has continued to attract institutional support. Since the launch of WLB1 on the Singapore Exchange (SGX) in 2017 — billed as the world’s first gender-lens impact investing security listed on a public exchange — the platform has grown to seven issuances and around $320m raised in total. According to IIX, all bondholder obligations have been met throughout the COVID-19 pandemic, global supply chain disruptions and the broader market volatility seen in 2025.
WLB7 is certified as an Orange Bond, a financing category focused on advancing both climate action and gender equality. The bond also aligns with the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines.
The issuance drew backing from a range of institutional investors and development partners, including Nuveen, APG, International Finance Corporation, Swedish International Development Cooperation Agency, Ford Foundation, Standard Chartered Bank, Linklaters and Clifford Chance.
“This latest issuance in the WLB series builds on a strong foundation and points to where the market is heading,” said Durreen Shahnaz, founder and CEO of Impact Investment Exchange. “Investors are increasingly backing solutions that integrate gender equity with climate resilience.”
Stephen M. Liberatore, head of ESG/ Impact for Global Fixed Income at Nuveen, said Orange Bonds are emerging as “a credible and scalable segment of the sustainable finance market”, adding that WLB7 demonstrates how blended finance structures can mobilise institutional capital toward climate resilience and livelihood improvements in underserved communities.
The bond is listed on the SGX and received a second-party opinion from Sustainable Fitch confirming alignment with the Orange Bond Principles. IIX added that the issuance will also comply with EU and UK securitisation regulations.