Earlier this year, Communist China decided to offer a sovereign bond it had long planned to issue in New York in Europe's financial markets only.

CENTERFORSECURITYPOLICY: Center For Security Policy

Unlike traditional bonds, SIBs do not have a fixed rate of return as financial return depends on the achievement of specific social outcomes set at the start of the bond issue.

BBC: Charitable bonds explained

The profit margin for an underwriter arranging a municipal bond issue is razor-thin, about a quarter of a percent, according to Thomson Financial.

FORBES: Party's Over