White & Case Advises Bank Group on Banque Ouest Africaine de Développement's €750 Million Bond Issuance

Press Release
1 min read

Global law firm White & Case LLP has advised HSBC Bank plc, J.P. Morgan Securities plc and Natixis, as Joint Lead Managers and Bookrunners, on the 144A/Reg S offering by Banque Ouest Africaine de Développement (BOAD) of €750 million 2.75% notes due 2033.

This issuance is BOAD's first sustainable bond under its newly implemented Sustainable Bond Framework which is aligned with the ICMA Green Bond Principles, Social Bond Principles and the Sustainability Bond Guidelines. The bond proceeds will be used to finance or refinance one or more Eligible Green & Social Projects under the framework. It is also BOAD's first euro-denominated issuance and the fourth since its debut US dollar issuance in 2014.

The transaction attracted significant investor interest and is the first sustainable bond issue by an African issuer and one of the first bond deals out of Africa following the COVID-19 pandemic.  

White & Case previously advised the underwriters and the hedging banks on BOAD's bond issues in 2014, 2017 and 2019.

Created in 1973, BOAD is the common development finance institution of the member states of the West African Monetary Union.

The White & Case team in Paris which advised on the transaction was led by partner of counsel Cenzi Gargaro and partner Max Turner, with support from counsel Olga Fedosova and associate Alice Chavaillard.

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