Through fund manager MAPFRE Asset Management, MAPFRE has launched a three-year guaranteed mutual fund with a bond issued by the Madrid local government exclusively for the fight against COVID-19 as its underlying asset.

The fund, named MAPFRE Compromiso Sanitario, which has already been registered with the Spanish National Securities and Exchange Commission (the "CNMV"), will offer a 3 percent return over three years, payable on maturity in 2023, which is well above the bond yield thanks to an additional contribution from the fund manager itself of close to one million euros.

Alvaro Anguita, Managing Director of MAPFRE AM, said:

"The fund aims to align our clients' savings with the financing of a specific healthcare project in the face of the COVID-19 crisis. 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 fund shall not entail any kind of commission, for management, custody or market placement. In this instance the depositary, BNP Paribas, has waived the charge. The bond was placed by financial institution BBVA. The equity is limited to a maximum of 50 million euros and each participant may contribute up to 50,000 euros.

"In exchange for financing such an exciting project, our clients will receive a return far above the market," Anguita added.

MAPFRE AM, which currently manages around 40 billion of the group's 65 billion in more than 26 countries, thus extends its solidarity engagement and increases its commitment to socially responsible and environmental, social and governance investments, in both funds and pension plans. Similarly, at the end of last year, it launched MAPFRE Inclusion Responsable, a fund that invests in companies that promote the inclusion of people with disabilities.

MAPFRE has thrown itself into to the fight against COVID-19, and has taken steps to protect all its stakeholders (clients, employees, providers, and more), to support society and mitigate the effects of this disease on the economy as much as possible. It has just contributed 5.7 million to the sector fund formed by insurance companies to protect the healthcare personnel fighting COVID-19 in Spain.

The group launched a solidarity plan totaling around 100 million euros, mainly for SMEs and the self-employed. In particular, Fundaci