Section 4 51 Findings This section presents the findings from the desk top review and stakeholder interviews that informed the recommendations. STRICTLY PRIVATE AND CONFIDENTIAL
SA Gender Bond - Opportunities & Constraints SA has the opportunity to build economy back more inclusively and gender responsively : o Burgeoning green bond market which can be leveraged for more gender responsive and inclusive growth o Robust financial markets with limited inclusion requiring more innovative socially conscious solutions o High youth unemployment particularly women increasing the demand for job rich COVID-19 recovery solutions o More economic representation & participation by women from the economic revival effort o Opportunity to ring fenced funding for social causes related to gender in an outcome-oriented manner such as Gender Based Violence and access to contraception o A latent care economy that if grown could create more economic opportunities in pursuit of COVID-19 economic recovery Constraints • High debt burden requiring fiscal neutral solutions • The need for COVID-19 economic recovery amidst mounting debt & limited fiscal space • Cross-cutting issues & economic strain disproportionately affects women & previously disadvantaged people STRICTLY PRIVATE AND CONFIDENTIAL 52
Considerations for a South Africa Gender Bond In South Africa DEBT has become a 4-letter word. SA. Is over geared and under performing The Consolidated deficit Government expects to in the current year is collect R1.21 trillion in estimated at 14% of the taxes during 20/21 GDP could collect more Budget deficit had doubled since the 2020 Gross national debt is Budget Review, and the projected to rise from in-year revenue shortfall 80.3 percent of GDP in is estimated at R213.2 2020/21 up to R87.3 billion percent in the outer year of this MTEF 53
Considerations for a gender bond Trade Offs Ultimately, all government borrowing is aimed at enabling some social impact While there are benefits to not restricting ”the use of proceeds”, and this flexibility – a more prescriptive approach can help attract more investors STRICTLY PRIVATE AND CONFIDENTIAL 54
Considerations for an SA Gender Bond Gender Bond Trade Offs Gender Vs Sustainability Bonds • ESG issues are cross-cutting • Gender lens investing is often combined with other social or economic • Sustainability Bonds combine both social and green objectives causes • Likely to attract wider investor interest than a gender-only bond Gender & Sustainability Bonds versus Vs Unlabelled bonds Mixed views (see appendix) on whether labelled bonds provide better pricing than unlabelled alternatives for issuers – an ongoing debate Direct (sovereign) issuance versus Vs indirect support for third-party issuers • Likely to be more attractive with a social cause – particularly with • On average will be more costly than a sovereign issue initiatives such as UNECA’s African sovereign-bond subsidising Liquidity • Credit risk attributable to the issuers operations & balance sheet, or the & Sustainability Facility assets pooled or allocated for this purpose • Limited security obligations since they are based on sovereign risk & • Sovereign issuances can be used to support issues by third-parties returns on investment & debt service subsidiary to sovereign risk for • Third-parties offer direct & efficient distribution to beneficiaries South Africa • Transparency and accountability for proceeds & outcomes would be key Demonstration versus scale Vs Scale Smaller issuances may be easier to fundraise for, but are inefficient with Larger issuances are more cost effective, but a robust system would be higher proportionate issuance costs required to ensure transparency & accountability for use of proceeds Creating a yield-curve for social or impact bonds: Develop benchmark “risk-free” pricing for social or impact bonds & compare yields with traditional bonds STRICTLY PRIVATE AND CONFIDENTIAL 55
Considerations for an SA Gender BRoencdommendations for gender bondsSIB has the greatest coverage of SA Gender Priorities and preferential procurement so may be the greatest driver of change Social Bonds | Use of Proceeds Social Impact Other Bonds Policy & Other Entrepreneurs Consumption Leadership Access to Finance Employment Outcome-Based ■ Participation in Planning ■ ■ ■■ ■ ■✓ ■ ✓✓ Gender-based Violence ✓ ■ ■■ ■ ✓✓ ■ ✓■ Care-taking Facilities ■ ✓ ■■ ✓ ✓■ ■ ■✓ South Ownership ✓ ✓✓ ■ ■✓ ■ ✓✓ African ■ ✓ ■✓ ■ ✓✓ Govern Housing ✓✓ ment Social Security ■ ■■ ■ Prioriti es Programmes ■ ■■ ■ Preferential Procurement ✓ ✓✓ ✓ Infrastructure Investment ■ ■✓ ✓ Job Creation ■ ■■ ✓ STRICTLY PRIVATE AND CONFIDENTIAL 56
Considerations for an SA Gender Bond Stakeholder views Stakeholders interviewed LEGEND • Implementers of development Implementers 36.4% Investors programmes (financial and 27.3% technical like NEF, Facilitators WeConnect) Outcome buyer 27.3% • Investors (those who lend or invest like IDF, ABSA) 9.1% • Facilitators (Ecosystem actors who improve access to capital like JSE, Treasury) • Outcome buyers (Social investors focused on outcomes like government or donors) Interviews were conducted mainly between 19th April 2021 and 26th May 2021. Data collection tool found here STRICTLY PRIVATE AND CONFIDENTIAL
Considerations for an SA Gender Bond Stakeholder Views – the 11 interviewed Facilitators Implementors • Adjunct Professor Michael • Olebogeng Marakalla (The NEF Women Sachs (Financial and Fiscal Empowerment Fund) Commission) • Babongile Mandela (ABSA Foundation • Shaamela Soobramoney (JSE) • Nomsa Daniels (Graca Machel Trust) • Zoheb Khan (Intellidex) • Jean Chawapiwa (WeConnect • Wanga Cibi (National International) Treasury) • Salome Sengani (Women Development Investors Bank) • Polo Leteka (IDF Capital) Outcome Buyers Certifiers • Aunnie Patton Power (Bertha Centre) • Mmakgoshi Phetla-Lekhthe (African Development Bank) STRICTLY PRIVATE AND CONFIDENTIAL 58
Expectations of a gender bond PRIVATE SECTOR Stakeholder views Innovative ways of WOMEN’S EMPOWERMENT crowding in private sector including equity funds, A facility that builds capacity banks and through DFIs to translate policy in to lived reality for women & girls CARE ECONOMY including the elimination of GBV and other patriarchal Exclusive care of climate systemic issues is narrow. Caring for people is as important as SUSTAINABILITY caring from the planet, and worth investing in Gender bonds linked to global development TRANSPARENCY frameworks such as the SDGs Governance, process and measures that inspire trust PPP and accountability are key Instrument/s that foster stronger private public partnerships (PPP) particularly in renewable energy investments STRICTLY PRIVATE AND CONFIDENTIAL
Perceived Gender Bond Success Factors By stakeholder group OUTCOME BUYERS FACILITATOR S ACCOUNTABILITY INVESTMENTS IN ACCOUNTABILITY WOMEN BUSINESSES PPP RENEWABLE ENERGY MORE FIRST MOVER INVESTORS AND CARE FACILITATOR ECONOMY. S IMPLEMENTORS LEAVE NO ONE BEHIND (LNOB) METRICS REACH STANDARDS. SYSTEMS IMPACT IMPLEMENTORS INVESTORS CAPACITY TO SCALE PROJECT DEV FUNDS INVESTMENT IN ENERGY SECTOR IMPACT (including Renewable) RISK MGMT. STRICTLY PRIVATE AND CONFIDENTIAL
Considerations for a gender bond 61 Success Factors gleaned from desk top research and stakeholder views Convergence between Government priorities & investor expectations is vital There are various roles the Government can play – important to be clear on approach per priority Working within existing intersecting priorities, such as infrastructure growth (including green) & job creation offer the greatest scale potential STRICTLY PRIVATE AND CONFIDENTIAL
Perceived Risks & Issues Gleaned from desk top research and stakeholder views Accessibility. “Money is not the problem. There is a lot of it. The issue is women’s access to it partially because of the paucity of investable women owned projects”. Other factors are misaligned risk profiles, cost of capital etc Incentives. Capital markets tend to be conservative as is government with little or no risk appetite. Private sector risk appetite comes at a cost. Incentives for innovation like tax breaks and risk management instruments like guarantees could buy down the cost of capital Trust. Private sector and Government relationships are often plagued my mistrust. Capital flight and corruption respectively feature as perceived risks. STRICTLY PRIVATE AND CONFIDENTIAL 62
Section 5 This section concludes the report with a summary of findings and Recommendations recommendation on the most viable option(s) for a gender bond for Gender Bonds in South Africa, including: • The opportunities and constraints for implementing a gender in South Africa bond in South Africa, including a map of gender priorities to be financed • Assessing the trade-offs of gender-specific, broader themed bonds and unlabelled bonds • Proposing a structure that combines the best features of sovereign, social and social impact bonds • Recommending two proposed flagship projects STRICTLY PRIVATE AND CONFIDENTIAL 63
Recommendation Leverage the Economic Revival Plan to power SA COVID-19 ERRP with women’s participation A Sustainability Plus combined commercial • Women carrying the increased COVID 19 burden of care & and commercial disproportionately affected by climate change & economic downturns facility that pools public & private • Pursue a blended approach including both traditional & performance capital for gender based issuances under a sub-issuance powered SDG impact investments • Collaborate with reputable implementers for inclusive growth STRICTLY PRIVATE AND CONFIDENTIAL performance-based disbursement Pursue Sustainability Bonds & Other Capital Market Instruments versus Exclusive Focus on Gender Bonds • Approach has Sustainability Bonds combining gender, green or other impact themes – via the JSE’s Sustainability Bond Segment for example. Allows use of a range of instruments & mechanisms • Identify & leverage cross-cutting issues such as climate finance, infrastructure & access to finance • There is considerable depth in the local capital market, & even more considering international ESG & 2X investors with allocations for Africa Align with the ICMA Social Bond Principles, 2X and SDGImpact Investment measures • Transparency & accountability will be key – the main differentiator between a general sovereign bond issue & a themed issue • Use of proceeds & investment criteria needs to be clear & verifiable by a reputable independent third-party` 64
Sustainability Plus Facility The Sustainability Plus Facility would seek to maximise: • Economic Impact, based on the commercial feasibility & impact of the project & their ability to service debt obligations • Social Impact, based on intangible returns with the Government as an outcome-funder • Project Preparation & Support, to build the skills & execution capabilities of key stakeholders to increase the likelihood of compliance & success Size Security Teno r • Initial tranche of US$ 50 million to balance • Will be pertinent in terms of the use of • Will vary in line with use of proceeds economic efficiency with demonstrative proceeds when deploying capital, & ability demonstrating impact and outcomes STRICTLY PRIVATE AND CONFIDENTIAL 65
Sustainability Plus Facility - illustrative Structure A GENDER POWERED CAPITAL MARKET SDG FOCUSED INVESTMENT FACILITY THE SPF + – an illustrative structure OTHER REVENUE GOVERNMENT GENDER INCENTIVES Advisory services on gender mainstreaming, care economy ventures and tax, concessions, subsidies, awards, mobilizing women through groups and cooperatives competitions, TA & catalytic grants etc FOR PROFIT IMPACT OUTCOMES examples SOURCE OF CAPITAL PROJECT DEVELOPMENT Commercially (private • SA COVID 19 faster Identifying, screening, sector) profitable green economic reconstruction & Source 1. Appropriation for gender structuring & gender responsive deals recovery smart investments from Treasury Bills technical assistance with returns of 15% plus and other Sovereign bond or capital Decisions on for profit • Greener more inclusive market GEWE set aside revenue or non -profit social women powered growth Source 2. Profit from commercially impact driven impact investments by the • More jobs for women & Facility youth Source 3: Grant funding and innovation competiStiToRnsICTLY PRIVATE AND CONFIDENTIAL IMPACT MEASUREMENT NON -PROFIT IMPACT Ex ante impact due diligence to prepare Financially sustainable pure gender responsive deals; impact monitoring consolidation, social impact projects like gender analysis & reporting; post facto impact mainstreaming in Jobs SIBS validation including oversight of external parties. Use of 2X criteria for gender and Partnership with corporates on scalable green & gender CSR projects that boost care 66 ICMA for green and SDG impact
Recommendation SPF + illustrative Structure EXAMPLES OF INVESTMENT PROJECTS I. Gender mainstreaming the Youth Employment SIB • For a more gender responsive II. Investing in Financial institutions, intermediaries and fintech to help them participate in infrastructure: • The Government has committed to R791.2 billion infrastructure investment drive, with partners in the private sector, to rollout infrastructure through initiatives such as the blended finance Infrastructure Fund • It is recommended that this money is used to lend to women-led/owned businesses participating in the infrastructure, including renewable energy. Funds for the facility could be generated through: o Proportion of proceeds from revenue the government gains from bonds o Money made by the hybrid facility would be channeled towards social impact STRICTLY PRIVATE AND CONFIDENTIAL 67
Recommendation SPF+ illustrative Logos Design themes: Gender powered sustainable investment. Recovery of people & planet. When women rise the nation rises STRICTLY PRIVATE AND CONFIDENTIAL 68
Recommendations THE SPF + IS A WIN-WIN-WIN WOMEN WIN GOVERNMENT WINS COUNTRY WINS JOBS POVERTY GROWTH 01 The SPF+ will focus on job 02 The SPF+ intends to 03 Gender parity is 04 and technology rich high accelerate and scale positively correlate 07 impact and scale projects that with inclusive GDP absorb women (young & old) social impact that growth. MARKETS alleviates poverty & The SPF+ will initially 05 increases jobs 06 RETURNS prioritize FinTech's, MFIs & 09 Partnering with DFIs to PACT Even in founding teams 1 finance female suppliers in with or more women out - infrastructure & renewable The SPF+ will help perform men only teams by 63% this trend extends eFnIeNrgAy NCE government meet its to large corporations The SPF+ will support commitment of buying SUSTAINABILITY alternative financial mechanisms like 40% from women in The inclusion of women crowdfunding, Funds, Angel can bolster SA’s investment networks infrastructure burgeoning green growth i& other sustainabili6ty9 PEOPLE 08 The SPF+ with help kick start & grow a care economy that promotes STRICTLY PRIVATE ANeqDuCaOl N&FmIDoErNeTpIAaLy for care
Stakeholders Key stakeholders for the SPF+ Who Invests? Who Pays? Who Evaluates? Who Implements? Who Facilitates? Development Finance Borrowers Certification & Evaluation Borrowers Transaction Advisors & Arrangers Institutions & Investors Bodies Legal Advisors Local & International South African Government, Civil Society Organisations Departments or Agencies as Independent Auditors Non-Governmental Johannesburg Stock Exchange Portfolio Managers Non-Governmental Organisations Government Departments & Local & International Outcome Payers Organisations Corporates, Impact Development Finance Agencies Pension Funds Institutions as Outcome Investors & Other Private National Treasury Specialized Fund Managers Sector Actors Financial Services Board Funders Local or Global Custodians Philanthropist Organisations Transfer Secretaries as Outcome Payers 70 South African Government as Sovereign Issuer? STRICTLY PRIVATE AND CONFIDENTIAL
Annexure 71
Case study | Mahlango and Another V Minister of Labour and Others “intersectionality when faced with prioritising The judgments of Victor AJ and Mhlantla J in the Constitutional Court explored the unfair discrimination claim under section 9(3) in some detail, showing value of “intersectionality when faced with prioritising “textured analysis in relation to discrimination is an indispensable legal methodology and, using the intersectionality framework as a legal tool, leads to more substantive protection of equality. Adopting intersectionality as an interpretative criterion enables courts to consider the social structures that shape the experience of marginalised people. It also reveals how individual experiences vary according to multiple combinations of privilege, power, and vulnerability as structural elements of discrimination. An intersectional approach is the kind of interpretative approach which will achieve “the progressive realisation of our transformative constitutionalism” STRICTLY PRIVATE AND CONFIDENTIAL 72
Annexure | Comparison of bond characteristics Characteristics of sovereign, social & social impact bonds Opportunities Sovereign Bond Traditional Social Bond Social Impact Bond Basis for Repayment Obligation Periodic & Fiscal Ability Periodic & Economic Periodic, Outcome-based Financial Obligation Direct, On-Book Direct (On-Book) or Indirect (Off-Book) Primary Returns Required Direct, On-Book Social & Economic Risk Focus Economic Social Investors Achieving Economic Viability & Impact Achieving Desired Social Impact Pricing & Tenor Sovereign Risk General, Impact Monitoring & Evaluation General Sovereign General, Impact “Purple Washing” Potential Sovereign Issuer Implementation Optional Second Opinion Long Tenor Not Required Medium Potential Mandatory Independent Evaluation Scalability High Potential Direct or Indirect Low Potential Cost Efficiency Direct or Indirect Medium to Long Indirect Status Medium to Long Medium Standards Medium Short to Medium Typical Issuer High Low Use of Proceeds High Listed or Private Placement Low Security Listed or Private Placement ICMA Social Bond Principles Optional Multilaterals, Corporates, Funds Private Placement (option for JSE Listing) Central Governments or Departments Commercial, Inclusion, Finance ICMA Social Bond Principles, Other Multiple Specialised Funds Unsecured Secured or Unsecured Welfare, Intangible Financial Impact Not Applicable STRICTLY PRIVATE AND CONFIDENTIAL 73
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Reference Cont… 58. Climate Bonds Initiative. (2021). Types of bonds. Retrieved from https://www.climatebonds.net/resources/understanding/types-of-bonds 59. International Capital Market Association. (2020). Bond Market Size. Retrieved from https://www.icmagroup.org/Regulatory-Policy-and-Market- Practice/Secondary-Markets/bond-market-size/ 60. Social Finance. (2017). Social Impact Bonds. Retrieved from https://www.socialfinance.org.uk/what-we-do/social-impact-bonds 61. Brookings Institution. (February 1, 2020). Global Impact Bond Databases. Retrieved from https://www.brookings.edu/wp-content/uploads/2019/01/Global- Impact-Bonds-Snapshot-February-2020.pdf 62. Brookings Institution. (2019). First Social Impact Bond in South Africa Shows Promise for Addressing Youth Unemployment. Retrieved from https://www.brookings.edu/blog/education-plus-development/2019/07/12/first-social-impact-bond-in-south-africa-shows-promise-for-addressing-youth- unemployment/ 63. Climate Bonds Initiative. (2019). Green Bonds: Global State of the Market. Retrieved from https://www.climatebonds.net/system/tdf/reports/cbi_sotm_2019_vol1_04d.pdf?file=1&type=node&id=47577&force=0 64. International Institute for Sustainable Development. (2021). Furthering Gender Equality Through Gender Bonds. Retrieved from https://www.iisd.org/system/files/2021-03/equality-gender-bonds.pdf 65. Gustafsson-Wright, E., Boggild-Jones, I., Segell, D., & Durland, J. (2017). Impact Bonds in Developing Countries. Retrieved from https://www.brookings.edu/wp-content/uploads/2017/09/impact-bonds-in-developing-countries_web.pdf 66. 2X Challenge. (2021). 2X Criteria. Retrieved from https://www.2xchallenge.org/criteria 67. Triple C Advisory. (2021) UN Women SA Gender Bond Study Interview Questions. Retrieved from https://docs.google.com/forms/d/e/1FAIpQLSegHDl6hgx8EEk-7GFwktaxYrxXHweJUENmJBKW9eZhq6R3yA/viewform STRICTLY PRIVATE AND CONFIDENTIAL 78
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