Regarding your #3: Wouldn't WHO gain that $425MM if they triggered the default on those bonds? > If certain criteria are met, the bonds' principal is transferr

Regarding your #3: Wouldn't WHO gain that $425MM if they triggered the default on those bonds? > If certain criteria are met, the bonds' principal is transferred to the World Bank's Pandemic Emergency Financing Facility (PEF) to fund containment and relief efforts. To me, that seems like quite the incentive to declare this a pandemic. If doing so would unlock that funding. But, there's details. Just declaring "pandemic" isn't enough. The bonds have numerical thresholds that must be met. (e.g. 20 deaths in 2 or countries).