BOAD’s €1bn Bond Signals West Africa’s Financial Credibility

In a milestone that highlights West Africa’s rising credibility in global finance, the West African Development Bank (BOAD) has successfully issued a €1 billion bond – the longest euro-denominated benchmark bond ever by an African multilateral institution.

The issuance, which attracted an impressive €2.7 billion in orders, marks a defining moment not only for BOAD but for the entire West African Economic and Monetary Union (WAEMU). Its 15-year maturity and 6.25% high-yield coupon reflect a mix of investor trust, institutional resilience, and strategic financial management.

According to Mr. Serge Ekue, President of BOAD, the deal represents more than financial success.

“This 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,” he said.
“This historic €1bn bond further strengthens our capacity to finance the sustainable development of our member countries.”

The transaction’s success was bolstered by the involvement of leading financial institutions – BNP, J.P. Morgan, Natixis, and SMBC – who played key roles in structuring the bond, alongside the unwavering support of BOAD’s shareholders and legal advisers.

Investor Confidence as a Signal of Regional Strength

StakeBridge IRPR notes that such a record-setting issuance sends a clear message about the evolving investor perception of West Africa. The diverse investor pool – spanning Europe (with 49% from the UK and Ireland), DACH countries (23%), the U.S. (13%), and the Middle East and Asia – demonstrates an expanded appetite for exposure to African multilateral credit.

This diversity is significant: it translates into broader market confidence, a critical signal to both public and private entities seeking international funding. Asset managers led the participation with 74% of the allocation, underscoring institutional investors’ growing belief in West Africa’s economic fundamentals.

Financing the Future of West Africa

The proceeds from this issuance will fund priority, high-impact projects across WAEMU – aligning with BOAD’s mission to promote sustainable economic growth in member countries. For governments and MSMEs in the region, the bond serves as both a blueprint and a benchmark for financial credibility, investor relations, and development financing.

At StakeBridge IRPR, we see this as an essential case study in how strategic communication, investor confidence, and institutional transparency can converge to unlock funding on a global scale. As more African institutions look outward for capital, maintaining trust through robust investor relations and clear public communication will remain vital in shaping how the world sees West Africa’s potential.