The West African Development Bank (BOAD) has just reached a new milestone in accessing international capital markets. The financial institution of the UEMOA has successfully completed its first public issuance of sustainable Samurai bonds, raising 25 billion yen (approximately 170 million dollars or nearly 100 billion CFA francs) from Japanese investors.
The operation, structured in two tranches – 21.7 billion yen for three years and 3.3 billion yen for five years – is a historic first in several respects. It is the first public issuance of sustainable Samurai bonds by a multilateral development bank, and also a issuance without guarantee, demonstrating the direct confidence of the Japanese market in BOAD’s credit.
This breakthrough comes a few weeks after Moody’s confirmed the Bank’s long-term credit rating at Baa1 with a stable outlook, while the Japanese agency Japan Credit Rating (JCR) assigned it a rating of A. This double endorsement allowed BOAD to attract a diversified base of Japanese institutional investors: insurance companies, asset management firms, regional banks, and international investors.
The pricing for the issuance, which took place on July 24, 2026, was set at YSM +200 basis points for the three-year tranche (yield of 3.72%) and YSM +225 basis points for the five-year tranche (yield of 4.29%), levels that the Bank considers competitive compared to its dollar benchmarks.
Beyond the financial success, this operation reflects a long-term strategy. Since TICAD 2025, BOAD has held multiple meetings with Japanese investors to promote the UEMOA, its economic model, and its development mandate. A second roadshow in June 2026, followed by a conference call on July 14 and a placement campaign, helped pave the way for this first issuance.
For BOAD, this operation represents a major step in diversifying its sources of funding. By expanding its investor base to Asia, the bank reduces its reliance on traditional euro and dollar markets, while strengthening its ability to finance infrastructure, energy transition, and sustainable development projects in the eight UEMOA countries.
This issuance also confirms BOAD’s growing status in international markets. After consolidating its access to euro and dollar markets, the regional bank demonstrates its ability to mobilize capital in one of the world’s most demanding bond markets, potentially paving the way for other African issuers looking to access the Japanese market.
