A special category of bonds is called catastrophe bonds (CAT bonds) and are issued by insurance companies to help with their risk-mitigation. The World Bank (WB) created the first-ever "pandemic" bond in 2017. At the time, the WB's issuance was in response to the West African Ebola crisis. In your opinion, what could the future of pandemic bonds be? What investors would hold such securities? How should portfolio managers think about the risk-return trade-off and desirability of these securities? What about the correlation of pandemic bonds with other assets? What yield should the issuers of pandemic bonds expect to offer? What, if anything, could be the future of pandemic bonds in the capital markets