I find your point 3 confusingly worded: the trigger conditions for the pandemic bonds are specific and essentially transparent, but have not yet been met. They are independent of any statement the WHO may or may not make about whether a particular outbreak can reasonably be called a "pandemic". This independence should be unsurprising, because investors want some kind of "clarity" about what it is they are investing in.
Whether or not the trigger conditions are too stringent for the bonds to be useful in dealing with the targeted crises, and whether or not the additional "clarity" provided by having well-defined trigger conditions is sufficient to manage risk for investors, are both separate concerns.
Whether or not the trigger conditions are too stringent for the bonds to be useful in dealing with the targeted crises, and whether or not the additional "clarity" provided by having well-defined trigger conditions is sufficient to manage risk for investors, are both separate concerns.