BNP and EIB launch longevity bond
Last month French bank BNP Paribas and the European Investment Bank (EIB) launched the first investment hedge designed to protect pension schemes against the risk that their members might live longer than predicted. The hedge, a £540 million bond with a 25-year maturity, was issued by the AAA-rated EIB. The launch fits the objective of the EIB’s operational plan for 2004–2006 to not only pioneer longer maturities but also “introduce new structured products in response to local institutional
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