The West African Development Bank (BOAD) has marked a historic milestone with the successful issuance of a €1 billion bond with a 15-year maturity, setting a new benchmark as the longest euro-denominated bond ever issued by an African Multilateral Development Bank. This groundbreaking achievement reflects strong investor confidence in BOAD’s strategic vision and financial resilience, reinforcing its critical mandate to drive sustainable economic development across the West African Economic and Monetary Union (WAEMU).
The issuance attracted exceptional global interest, generating an order book of €2.7 billion—nearly three times the offer size—allowing BOAD to tighten the spread by 35 basis points and secure a competitive 6.25% yield coupon. This overwhelming investor response underscores the institution’s credibility and recognition of its strong governance framework, economic impact, and commitment to regional transformation.
BOAD plans to deploy the proceeds toward priority, high-impact development projects across WAEMU member states, including infrastructure, energy, agriculture, and industrialization initiatives aimed at enhancing regional integration and long-term socio-economic growth. This funding will play a pivotal role in accelerating sustainable development while supporting the region’s strategic objectives in job creation, value addition, and financial inclusion.
President Serge Ekue affirmed that this bond issuance is more than just a financial success—it is a powerful endorsement of BOAD’s mission and a significant step forward in demonstrating the institution’s role as a leading force in Africa’s development financing landscape. The broad diversification of investors—from the UK and Ireland (49%), DACH region (23%), the United States (13%), and others—highlights BOAD’s growing global influence and credibility in international capital markets.
With asset managers accounting for the majority of allocations at 74%, followed by hedge funds, banks, pension funds, and central banks, the issuance reflects a strong alignment of institutional investors with BOAD’s long-term development agenda. Founded in 1976 and headquartered in Togo, BOAD continues to play a critical role in financing transformative projects across its member countries—Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo—cementing its position as a key driver of economic progress in West Africa.
