In a first-of-its-kind transaction, and after many years of preparation, the World Bank’s Wildlife Conservation Bond has raised $150m for sustainable development projects and around $10m which will go towards saving black rhinos in South Africa. That makes it the world’s first financial transaction dedicated to protecting a species. Credit Suisse was sole structurer and joint bookrunner (along with Citi) on what has inevitably become known as the ‘rhino bond’.
In 1972 there were an estimated 70,000 black rhinos in Africa, according to the UK-based conservation charity Save the Rhino International. By 1995, that had plunged to 2410 as a result of poachers killing the animal for its horns. Conservation efforts have brought the numbers back up to above 5000, but the black rhino remains a ‘critically endangered’ species.
