The West African Development Bank (BOAD) has achieved a major milestone with the successful issuance of a €1 billion bond with a 15-year maturity on the international capital market — the longest euro-denominated benchmark bond ever issued by an African multilateral development bank.

The issuance attracted strong investor confidence, generating a record €2.7 billion order book and enabling a 35-basis point spread tightening, with a 6.25% coupon yield.

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The bond drew a diverse pool of investors, led by the UK and Ireland (49%), followed by the DACH region (23%), the United States (13%), Europe (10%), Middle East (4%), and Asia (1%). By investor type, asset managers dominated with 74%, followed by hedge funds (14%), banks and private banks (7%), and pension funds and insurers (3%).

Proceeds from the bond will finance high-impact development projects across the West African Economic and Monetary Union (WAEMU), supporting long-term growth and sustainability across member countries.

“This deal is more than a financial achievement; it is a recognition of BOAD’s creditworthiness and commitment to sustainable development,” said Serge Ekue, President of BOAD. “The 15-year bond strengthens our ability to finance transformative projects across the region.”

The issuance was managed by a banking syndicate comprising BNP Paribas, J.P. Morgan, Natixis, and SMBC, marking a historic moment for Africa’s multilateral finance institutions.