The BOAD records its third successful Eurobond issuance, raises $830M

Thursday, 17 October 2019 15:57
The BOAD records its third successful Eurobond issuance, raises $830M

(Togo First) - The West African Development Bank (BOAD) just announced the closing of its third Eurobond. The transaction through which the regional lender mobilized $830 million will mature over 12 years.

Opting for the Eurobond, whose terms the bank deemed favorable, was driven by its will to protect members of the Franc zone against exchange rate fluctuations since the CFA is pegged to the Euro.

The interest rates for this bond is 4.7%. In July 2017, let's recall, the Lomé-based institution had raised $750 million through a similar operation, repayable over 10 years at an interest rate of 5.2%.

"The international financial community hence confirms its trust in the BOAD. It is a satisfactory performance for the lender whose Investment Grade has been confirmed, year after year by multiple global rating agencies over the past five years," a statement from the BOAD reads.

The BOAD is undergoing full growth since 2012. In 2018, it backed WAEMU States with a total of €650 million (XOF426.8 billion). Adding the latter, all of the bank's net financing amounts to eight billion euros (XOF5,311 billion) for 1,149 operations and a cumulative disbursement rate of 62.3%.

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