The West African Development Bank (BOAD) has issued a landmark €1bn bond with a 15-year maturity, the longest euro-denominated benchmark ever launched by an African multilateral lender. The issuance drew €2.7bn in orders from investors across Europe, Asia, and the Middle East, confirming strong institutional appetite for African debt amid global market uncertainty.

BOAD said in a statement on October 9 that the high demand allowed a 35-basis-point tightening during bookbuilding, with the final coupon fixed at 6.25%. The deal is rated Baa1 by Moody’s and BBB by Fitch, underlining the bank’s investment-grade standing.

“This deal is more than a financial achievement; it 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,” said President Serge Ekue in the statement.

“I would like to acknowledge the crucial role of the banking syndicate, BNP, J.P. Morgan, Natixis and SMBC, as well as the legal advisers, in making this landmark deal successful. I would also like to thank our shareholders and partners for their unwavering support of our mission.”

Proceeds will finance sustainable infrastructure, renewable energy, and private-sector development across BOAD’s eight member countries in the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

The transaction highlights rising investor confidence in the regional bank’s credit profile and the WAEMU bloc’s financial integration efforts. It also positions BOAD alongside the African Development Bank (AfDB) and Trade and Development Bank (TDB), whose longest Eurobond maturities stand at 12 and 10 years, respectively.

BOAD said the 15-year tenor underscores its long-term commitment to financing sustainable development in West Africa and reflects investor trust in the region’s macroeconomic resilience and governance reforms.