The Globe and Mail reports in its Wednesday edition that the World Bank issued a $225-million, principal-protected nine-year bond linked to reforestation in the Amazon, calling it the biggest outcome bond it has ever priced (all figures U.S.). A Reuters dispatch to The Globe reports that the 2033 bond offers investors a return linked to the creation of carbon removal units from reforestation initiatives in Brazil's Amazon rain forest. The World Bank said this issuance marks the first bond to link investors' financial returns to carbon removal, a departure from previous deals tied to the sale of carbon credits from avoided emissions. Close to $36-million will be directed to support the reforestation activities of Mombak, a Brazilian company working with local landowners to replant native tree species in the Amazon. Separately, Microsoft agreed to purchase the carbon removal units. The bond is 100-per-cent principal-protected, with the $225-million proceeds used to back the World Bank's sustainable development initiatives worldwide, the lender said. The issue has a minimum guaranteed annual return of about 1.745 per cent, and up to 4.362 per cent if the projects perform as expected, according to the World Bank.