BOAD raises ¥25B in first Samurai bond sale on Japanese market
What's the deal? The West African Development Bank (BOAD) has completed its first public issuance of Samurai sustainable bonds on the Japanese market, raising 25 billion yen — roughly 88 billion CFA francs, or about $153 million. The unsecured deal gives BOAD access to a market known for the depth of its savings and stable institutional investors.
The details: The transaction comprises a three-year tranche of 21.7 billion yen (76.3 billion FCFA) yielding 3.72%, and a five-year tranche of 3.3 billion yen (11.6 billion FCFA) yielding 4.29%.
Who bought in? The securities drew asset management firms, life insurance companies, regional financial institutions, and international investors. For BOAD, that spread signals its growing appeal to Asian markets.
Why now? The sale closed just days after MoodyDealroom has a profile for this one. Try Dealroom →'s confirmed BOAD's long-term credit rating at "Baa1" with a stable outlook. The bonds also earned an "A" rating from the Japan Credit Rating AgencyDealroom has a profile for this one. Try Dealroom →, which helped open the door to Japanese institutional investors.
What's the endgame? BOAD finances development across the West African Economic and Monetary Union (WAEMU). The issuance, unsecured, demonstrates the confidence Japanese investors place in the bank's creditworthiness.
The buildup: BOAD ran an awareness campaign in Japan before the sale, starting with a presentation tour after TICAD in August 2025 and continuing talks in June 2026. A conference call, a market survey, and a placement campaign led to finalizing terms on July 24, 2026.
The signal: The debut Samurai issuance marks a step in BOAD's push to diversify its funding beyond regional markets and build credibility with international investors — tapping Asian capital to back development finance in West Africa.
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