Spain’s largest insurance firm Mapfre has launched a mutual fund to finance the purchase of healthcare equipment.
The underlying asset for the fund is a bond issued by the Madrid local government for the fight against covid-19.
The Mapfre Compromiso Sanitario fund will guarantee a return of 3% over three years,
“The fund aims to align our clients’ savings with the financing of a specific healthcare project in the face of the COVID-19 crisis,” says Álvaro Anguita, managing director of Mapfre Asset Management.
“To do this, we have created an attractive product, which bridges the gap between people’s savings and the currently much-needed health funding.”
The depositary, BNP Paribas, has waived its usual charge.
The bond was placed by BBVA with equity limited to a maximum of €50 million.
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