The West African Development Bank's (BOAD) first Sustainable Development Goal bond issue was a huge success with international investors. This €750 million issue with a maturity of 12 years, attracted more than 260 international investors (40% from the United Kingdom, 40% from Europe, 17% from the United States, 2% from Asia and 1% from the Middle East), including 75% from asset managers and 21% from institutional investors (Bank, insurance companies and pension funds). It was oversubscribed 6 times, with total demand amounting to €4.4 billion.

These bonds carry a coupon of 2.75% and a spread of 300 basis points compared to the average market rate, MID-SWAP Euro at 12 years, which represents the lowest rate obtained by BOAD on the international financial market.

The issue is part of a "Sustainability Bond Framework", committing BOAD to the financing of projects with a high social and environmental impact. The financial resources thus mobilized strengthen BOAD's capacity for action in priority sectors such as agriculture and food security, renewable energies, basic infrastructure, health, education and social housing.

This operation, which is part of the vision of the DJOLIBA strategic plan, comes after the appointment in August 2020 of Mr. Serge EKUE, former Director of Financing and Investment Activities for Natixis in London, as President of the West African Development Bank.

President EKUE commented on the transaction: "We are encouraged by the tremendous welcome we have received from investors. The very high quality of the order book and the high level of oversubscription testify to investors' adherence to the Bank's vision, and their confidence in the growth and prosperity prospects of the WAEMU zone."

About BOAD

BOAD is a public institution of an international character whose member States are Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo and whose purpose is to promote the balanced development of the Member States of the West African Economic and Monetary Union, and to contribute to the achievement of west Africa's economic integration. The Boad has been rated "BBB" by Fitch and "Baa1" by Moody's since 2015. Thanks to this rating, which ranks the institution among the best ratings in Africa, it has carried out three USD bonds on the international financial market since 2016 for an amount of USD 2,430 million.

For more information: https://www.boad.org/; Twitter:@boad_official–@PresidentBOAD