West African Development Bank raises ¥25bn in first Samurai bond

The West African Development Bank (BOAD) issued its first unguaranteed Samurai bond on July 24, 2026, raising ¥25 billion (about $153 million). The issuance comprised two tranches: ¥21.7 billion with a three‑year maturity and a 3.72% coupon, and ¥3.3 billion with a five‑year maturity and a 4.29% coupon.

The bond, denominated in yen and sold to Japanese institutional investors, earned an A rating from the Japan Credit Rating Agency and a Baa1 rating from Moody’s, marking the first publicly issued sustainable Samurai bond by an African multilateral development bank without external guarantees. BOAD, which serves the eight member states of the West African Economic and Monetary Union, noted that the amount represents roughly 1.4 % of its recent CFA 6.5 trillion financing plan, underscoring the deal’s role in establishing a presence in Japan’s debt market rather than large fundraising. The bank’s president, Serge Ekué, highlighted foreign‑exchange risk management given BOAD’s primary lending in CFA francs.