There are two tranches of PEF bonds outstanding, expected to mature in July, and this means investors of the bonds will collect massive profits if the bonds aren't triggered or will lose everything if the Covid-19 outbreak continues to escalate.

It's becoming increasingly apparent why the World Health Organization (WHO) has had a difficult time calling Covid-19 outbreak a "pandemic," this is because it would cause both bonds to trigger, effectively wiping out bondholders. 

The World Bank issued two tranches of PEF bonds worth $425 million in 2017. Bondholders have seen two years of above-average returns with no concern of virus outbreaks around the world that would trigger even the slightest hint both bonds would go into default, until now.