The award-winning Women’s Livelihood Bond™ (WLB™) Series is the world’s first gender-lens, impact investing security – delivering stable returns and sustainable impact to global investors since 2017.

To date, IIX has launched three SGX-listed bonds, mobilizing a total of US$48 million. The ICMA-compliant Social Bond has also established a strong track record of meeting its impact targets, having generated US$3 – 4 of social value for every US$1 invested and empowered 815,000 women across Asia-Pacific.


With a view to diversify risk and increase the breadth of impact, the WLB™ Series has expanded its country and sector diversification over its Series issuances – each bond has added borrowers from new countries and sectors.

As the first bond of the WLB™ Series, the ~US$8M WLB 1 recently matured in July 2021 and all loans were fully repaid by borrowers with no credit losses. These borrowers are from the Financial Inclusion and Essential Goods & Services sector, with a geographic focus on Cambodia, Philippines, and Vietnam. The WLB 1 has directly impacted over 453,000 underserved women, which has exceeded its original target by +20%.

The ~US$12M WLB 2 expanded beyond this to additionally include borrowers in the Agriculture sector; from countries including Cambodia, Indonesia and Sri Lanka. The WLB 2 is targeted to impact over 250,000 underserved women. The most recently issued ~US$28M WLB 3 invested beyond the aforementioned countries to include Indian and Filipino borrowers, with the same sector focus as WLB 2. WLB 3 is expected to impact over 215,000 underserved women.

Building on the success of the previous issuances, the upcoming WLB4Climate will be the largest issuance of the Series to date, mobilizing US$35-45M of investment capital from accredited investors. The bond will impact ~500,000 women and girls; entering investing in new sectors, such as Clean Energy and Skills Development.