Lomé, October 9, 2025. Thunderclap on the international bond market. The West African Development Bank (BOAD) has just signed a historic operation: one billion euros raised over 15 years, the longest maturity ever issued by an African multilateral development bank. Result: an overcharged order book of 2.7 billion euros, a tight spread of 35 basis points, and a final coupon of 6.25%. Unprecedented for the Lomé institution, and a strong signal to global markets.
In a financial climate still marked by volatility, this spectacular performance illustrates the regained credibility of the BOAD signature and the investors’ faith in the stability of the UEMOA. Major European funds rushed to the West African paper: 49% of the final allocation goes to the United Kingdom and Ireland, followed by the DACH region (23%), the United States (13%), continental Europe (10%), the Middle East (4%), and Asia (1%). Asset managers dominate demand (74%), followed by hedge funds (14%), banks (7%), and pension funds and central banks.
“This operation is more than a financial success: it is a clear recognition of the credibility of the BOAD and its model,” said Serge Ekué, President of the Bank. “It strengthens our capacity to finance the sustainable development of our member states and push the boundaries of what is possible.”
Supported by a leading syndicate – BNP Paribas, JP Morgan, Natixis, and SMBC – the transaction elevates the BOAD to the rank of African benchmark issuers in the euro market. The funds raised will be directed towards structuring and long-term projects in the eight countries of the West African Economic and Monetary Union: energy, infrastructure, digitalization, and climate resilience.
A historic milestone for Lomé. A continental pride. And, above all, proof that in 2025, Africa is no longer just inspiring confidence: it is capitalizing on it.
