The West African Development Bank/ Banque Ouest Africaine de Développement (BOAD) has completed a EUR 1 billion bond issuance with a 15-year maturity.
- •The deal generated a EUR €2.7 billion order book, providing room for a 35-basis point spread tightening, resulting in a yield coupon of 6.25%.
- •Proceeds will be allocated to priority high-impact projects across the West African Economic and Monetary Union (WAEMU).
- •The deal is the longest euro-denominated benchmark bond ever issued by an African Multilateral Development Bank (MDB).
“This deal is more than a financial achievement; it is a clear recognition of BOAD’s creditworthiness and business model. Above all, it strengthens our resolve to extend what can be achieved in a challenging environment,” Serge Ekue, President of BOAD, said in a statement.
Investors from the United Kingdom and Ireland accounted for 49% of the allocation, followed by the *DACH/German-speaking countries of Central Europe region (23%), the United States (13%), the rest of Europe (10%), the Middle East (4%) and Asia (1%).
Asset managers represented 74% of the allocation, hedge funds 14%, followed by banks and private banks 7%, pension funds/insurers 3%, and central banks 1%.
Based in Togo, BOAD was formed in 1976 and counts among its members Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo.