3 min

Sustainable bond of the year – supranational, sub-sovereign and agency (SSA): BOAD

BAW21-LOGO-WIN-SSBOTY-SSAThe inaugural 12-year €750 million ($890 million) sustainable bond issued by Banque Ouest Africaine de Développement (BOAD) represented BOAD’s first euro-denominated transaction, as well as the first sustainable bond from an African issuer.

This is an historic transaction, not only for BOAD, but also for the whole of sub-Saharan Africa. It testifies to the status of the West African Economic and Monetary Union (UEMOA) as a rapidly developing region, and to the key role played by the BOAD in promoting this growth.

Commenting on BOAD’s win, a member of the Environmental Finance Bond Awards jury said, ” It’s wonderful to see this first sustainable bond from an African issuer, and great to see it doing good work to help a vast region. “

Furthermore, BOAD has taken the initiative to embark on a formalized Corporate Social Responsibility (CSR) approach since 2018, with the ambition of creating sustainable value for the entire sub-region and has set up a CSR policy. In its new 2021-2025 strategic plan, BOAD aims to become ” the reference bank for a sustainable impact on the integration and transformation of West Africa. “

The sustainable bond issue attracted over 260 investors worldwide, including 40% from the UK. The issue is part of BOAD’s sustainable bonds program, which calls for the financing of projects with a high social and environmental impact. The proceeds of the issue will strengthen BOAD’s capacity to invest in priority sectors such as agriculture and food security, renewable energies, basic infrastructure, health, education and social housing.

Transaction highlights

Issuer: West African Development Bank

Size : 750 million euros ($890 million)

Coupon: 2.75%.

Product use: affordable basic infrastructure, affordable housing, clean transport, climate change adaptation, green buildings, pollution prevention and control, renewable energies, socio-economic advancement and empowerment, sustainable management of living natural resources.

External assessor: Vigeo Eiris, a Moody’s subsidiary.

Lead managers: HSBC, JP Morgan, Natixis

Other highlights: first sustainable bond issued by an African issuer


For further information :

Communication, Marketing, Public Relations and Knowledge Department

Tel : + 228 22 23 25 65

Fax : + 228 22 23 24 38

Email : boadsiege@boad.org

About West African Development Bank


The Banque Ouest Africaine de Développement (BOAD) is the joint development finance institution of the countries of the West African Monetary Union (WAMU). According to Article 2 of its Articles of Association, the BOAD’s purpose is to “promote the balanced development of member states and achieve economic integration in West Africa” by financing priority development projects. It is accredited with the three climate finance mechanisms (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC and has played an active role in discussions concerning the construction of an international architecture for climate finance. Since January 2013, it has been home to the first Regional Collaboration Center (CRC) on the Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. It is committed to carbon neutrality by 2023.