Clifford Chance Advises BOAD on €1 Billion Note Issuance for West African Development Projects

"Clifford Chance has advised Banque Ouest Africaine de Développement (BOAD) on its successful €1 billion note issuance, with a 6.250% interest rate due in 2040. The proceeds will fund priority projects in the West African Economic and Monetary Union (WAEMU), aligning with BOAD's strategic development goals. This follows Clifford Chance's previous advisory role in BOAD's hybrid sustainable bond offering in February 2025. The advisory team included experts from various locations, emphasizing the firm's cross-border capabilities. BOAD serves as the development finance institution for several West African countries, aiming to promote economic integration and development in the region."

**Law Firms and Parties Involved:** Global law firm Clifford Chance advised Banque Ouest Africaine de Développement (BOAD) on its recent financial transaction. **Transaction Overview:** BOAD successfully issued €1 billion in Rule 144A/Reg S 6.250% notes due 2040. This issuance follows BOAD's hybrid sustainable bond offering in February 2025, also advised by Clifford Chance. The net proceeds from this offering will be allocated to fund priority projects within the West African Economic and Monetary Union (WAEMU), aligning with the objectives of the Djoliba Strategic Plan and the bank's development financing mission. **Legal Team:** The cross-border team was led by Mustapha Mourahib, specializing in debt capital markets. Olivier Plessis provided support on US capital markets matters. The core team included Hamza Morsad based in Casablanca, along with Johannes Juette and Natasha Sarna in London. Additionally, US tax advice was provided by Avrohom Gelber and Gil Shauly in New York, while US ERISA advice was offered by Paul Koppel in New York and Thomas Koh in Singapore.

Clifford Chance Advises BOAD on €1 Billion Note Issuance for West African Development Projects

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