- The West African Development Bank leads the way in innovation with a landmark record-breaking US$500 million public hybrid issuance
- This transaction attracted significant and diversified investors driven by the strong credit profile of BOAD and the characteristics of the structure
Togo – The West African Development Bank (BOAD) continues to lead in financial innovation with the successful issuance of a US$500 million sustainable hybrid bond on the international capital market.

This deeply subordinated instrument carries a 30-year maturity with a five-year non-call period, for an equivalent EUR coupon rate of 5.9%.
Strong investor confidence drove the bond’s tightening by 37.5 basis points from its initial price offering, resulting in an impressive US$1.9 billion order book reached over the day and a final oversubscription ratio of 3.4X.
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Before this transaction, BOAD had already secured US$204 million in private placements with the Arab Bank for Economic Development in Africa (BADEA) and Cassa Depositi e Prestiti (CDP) in December 2023 and August 2024, respectively.
Rated Baa3 by Moody’s and recognized with 50% equity content by both Moody’s and Fitch, this inaugural public issuance allows BOAD to outperform its US$600 million hybrid bond objective achieving 95% of its Capital Increase objective as part of the Djoliba Strategic Plan.
This hybrid bond issuance enables the bank to add additional equity-like capital to its liabilities, bringing its equity-to-assets ratio to 41.7%.
This transaction attracted significant and diversified investors driven by the strong credit profile of the West African Development Bank and the characteristics of the structure.
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In terms of geographical distribution, UK investors represent 44% of the allocation, followed by Switzerland at 20%, the US at 13%, the Middle East at 3%, Asia at 2% and the Rest of Europe at 19%.
In terms of investor type, Asset Managers represent 69% of the allocation, followed by Hedge Funds 20%, Banks/Private Banks 6% and Pension Funds/Insurance 5%.
The proceeds will be allocated to financing or refinancing eligible Green and Social projects under BOAD’s Sustainability Bond Framework, reinforcing the bank’s commitment to climate action and social progress across the West African Economic and Monetary Union (WAEMU) region.
This transaction strengthens BOAD’s capitalization and accelerates the objectives of its Djoliba Strategic Plan, further solidifying its role as a key driver of sustainable economic growth and improved living standards in West Africa.
Serge Ekué, President and Chairman of the Board stated:
“This groundbreaking transaction is a testament to investor confidence and underscores the BOAD’s commitment to innovation as a key driver of development. By mobilizing additional funds, we are strengthening our capacity to finance impactful projects across our member countries, fostering sustainable growth and economic resilience. My sincere gratitude to our advisors Rothschild&Co and Galite, and BNP Paribas, Société Générale, HSBC, JP Morgan and SMBC.”
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