Imperative - BNP - Spekboom Restoration Outcome Bond (World Bank / IBRD)

Terms

Announced

23 Apr 2026

Instrument

Debt · Outcome bondA bond whose return is linked to the credits the project delivers.

Amount

US$25.0mReported as US$120M IBRD outcome bond; ~US$25M mobilised to the project

Source

worldbank.org

Parties

Project developer

Imperative

Country

South Africa (Eastern Cape) / United Kingdom (HQ)

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Nuveen	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
Legal & General	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
Mackenzie Investments	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
Skandia	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
AllianceBernstein	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
BNP Paribas Cardif	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
Impax Asset Management	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
MetLife Investment Management	Bond investor	US$2.78m	Estimated: an even share, 1 of 9
Morgan Stanley Investment Management	Bond investor	US$2.78m	Estimated: an even share, 1 of 9

Arranged by

Arrangers and what each arranged

Party	Role	Arranged	Basis
BNP Paribas	Arranger	US$25.0m	Sole arranger: the whole transaction

Carbon

Pathway

ARR (afforestation, reforestation, revegetation)

Project type as recorded

Afforestation / reforestation

Backed by offtakes from

• Amazon

What happened

14-year Outcome Bond issued by the World Bank (IBRD) to support a 50,000-hectare scale-up of a spekboom ecosystem restoration project in South Africa's Eastern Cape, developed and operated by Imperative. Investors receive a minimum annual return of 2.41% and a potential annualized return of up to approximately 5.078% if the project generates its Carbon Removal Units (CRUs) as expected, providing investors the potential to earn enhanced returns compared to regular World Bank bonds (if the project’s target outcomes are achieved). Amazon has signed a >10-year fixed-price offtake for the Carbon Removal Units (CRUs) generated by the project; a pre-agreed share of CRU revenue is paid back to bondholders as CRU-Linked Interest (annually from Nov 2031), with potential upside if the project outperforms. Principal is fully protected by IBRD's Aaa/AAA rating. Trade date 23 Apr 2026, settlement 30 Apr 2026, maturity 2 Nov 2040, The financing combines US$25 million directed from an IBRD principal-protected outcome bond issued by The World Bank Group and structured by BNP Paribas, with a US$66 million syndicated streaming facility from Mirova, GenZero, Rubicon Carbon and Bregal Sphere. All three Phase 1 investors increased their commitments, bringing total committed capital to US$114 million across 60,000 funded hectares.

Kumo note

Outcome bond issued by the World Bank, with investors foregoing coupon payments to direct capital to the Imperative projects. BNP was the arranger of the bond. A similar structure to prior world bank outcome bonds

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