Chicago, Jan. 25 – West African Development Bank (Banque Ouest Africaine de Developpement) sold a €750 million 2¾% 12-year sustainability bond, according to a bank press release.
The notes priced with a spread of mid-swaps plus 300 basis points.
It is the bank’s first issue with sustainable development objectives.
More than 260 investors participated with demand at €4.4 billion during pricing.
Proceeds will be used to finance projects with a high social and environmental impact.
As earlier reported, J.P. Morgan Securities plc, HSBC and Natixis are managers for the Regulation S and Rule 144A offering.
The multilateral development bank is based in Lome, Togo.
| Issuer: | West African Development Bank
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| Amount: €750 million
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| Maturity: | 12 years
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| Securities: | Sustainability bond
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| Bookrunners: | J.P. Morgan Securities plc, HSBC and Natixis
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| Coupon: 2¾%
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| Spread: | Mid-swaps plus 300 bps
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| Announcement date: | Jan. 22
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| Distribution: | Rule 144A and Regulation S
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