West African Development Bank raised US$750 million in Eurobond
The West African Development Bank (“BOAD”) successfully issued on 28 April 2016 a debut US$750 million bond loan in the international capital market. Denominated in Euro, this amount corresponds to €661.8 million or XOF434.1 billion. Due for maturity in 5 years, the transaction carried a coupon of 5.50% per annum and a re-offer yield of 5.75%, which corresponds to a Euro-denominated rate of 3.83% following the foreign exchange swap deal concluded by BOAD as a hedge against foreign exchange risk.