ECOWAS: The EBID launches a XOF25 bln bond operation to fund 7 projects in the WAEMU

Public finance
Friday, 31 May 2019 04:09
ECOWAS: The EBID launches a XOF25 bln bond operation to fund 7 projects in the WAEMU

(Togo First) - The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation. The aim of this operation, approved by the regional council for public savings and capital markets, is to raise XOF25 billion in order to fund seven (7) projects in the energy, industry, hospitality and financial sector. These projects will be implemented in Benin, Côte d’Ivoire, Burkina Faso, Niger, Senegal and Togo.

In the framework of that operation, 2.5 million 7-year bonds with a nominal value of XOF10,000 will be issued. The interest rate is 6.4%. The interest will be paid bi-annually with a 2-semester deferred payment for the principal.

For this operation launched on May 28, 2019, the consortium CGF BOURSE and SGI-TOGO was mandated as an arranger and lead partner. According to Africabourse, one of the underwriters accredited to this operation, the subscription is open till June 26, 2019.

At end 2018, the EBID’s cumulative net commitments in ECOWAS member countries was close to $1.39 billion invested in 133 active projects. In 2017, these commitments were $1.327 billion for the same volume of active projects. This is due to the combined effects of new commitments in 2018 at the completion of five projects in the loan portfolio of Benin, Burkina Faso, Senegal and Togo as well as the cancellation of three investments in Côte d’Ivoire, Senegal and Togo.

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