Pandemic bonds are designed to make payments to poorer nations when an outbreak reaches certain criteria, with investors who bought the bonds essentially betting on such an event not happening.March 5 update: Corrected to remove additional requirement for an IDA country to have suffered at least 20 deaths before being able to apply for aid. Also updates to include details of growth rate and confirmation ratio calculations, and updates Euromoney assessment of earliest trigger date to April 6. March 6 update: Latest clarifications from World Bank: confirmation that start of event was determined to be December 31, 2019, and further trigger requirement that at least one IBRD/IDA country be affected. March 11 update: Confirmation of growth rate and confirmation ratio assessment period running until April 6. Two days allowed for calculation, so EARLIEST REPORTING DATE OF WHETHER ALL BOND TRIGGER CRITERIA MET IS APRIL 9.In 2017 the World Bank issued a pandemic bond designed to help fund the response to any widespread outbreak of a number of diseases, including coronavirus. The $320 million bond was part of a bigger $425 million risk transfer that included a concurrent $105 million swap with six reinsurance counterparties. As of March 12, the answer was no, principally because the required time period has not yet elapsed since the start of the outbreak, which is 84 days, or 12 weeks. The World Bank confirmed to Euromoney on March 5 that the official start of the outbreak has been set at December 31, 2019, meaning that the first day following the 12-week period will be March 24. Contrary to rumours circulating online, there is no requirement for a body like the World Bank or the World Health Organisation to formally declare that the outbreak is a pandemic for the bonds to pay out. When the criteria are met, the bonds will be triggered, whether or not a pandemic