IFC Anchors First Euro-Denominated Bond on WAEMU Market
TLDR
- The International Finance Corporation (IFC) invested €30.49 million (approx. $35.3 million) in the first euro-denominated bond issuance on the WAEMU capital market
- The investment was part of a securitization by NSIA Banque Côte d'Ivoire (NSIA CI), which raised a total of $88.1 million across euro and XOF tranches
- This marks a significant step in developing local capital markets by integrating international currencies and expanding access to diversified financing instruments
The International Finance Corporation (IFC) invested €30.49 million (approx. $35.3 million) in the first euro-denominated bond issuance on the WAEMU capital market. The investment was part of a securitization by NSIA Banque Côte d'Ivoire (NSIA CI), which raised a total of $88.1 million across euro and XOF tranches.
IFC’s participation, representing 40% of the transaction, helped attract the remaining 60%—approximately $52.8 million—from local investors in West Africa. The bond issuance was fully subscribed as of August 1. This marks a significant step in developing local capital markets by integrating international currencies and expanding access to diversified financing instruments.
The proceeds will be used to refinance NSIA CI’s retail loan portfolio, with a focus on funding 1,660 SME loans across the region. The transaction also aims to increase private capital flows and support long-term financing for regional businesses.
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Key Takeaways
The introduction of a euro tranche into WAEMU’s securitization market reflects a broader shift toward internationalization of regional finance. Unlike prior issuances that were exclusively denominated in local currency, this transaction opens access to eurozone capital, deepening liquidity and setting a new precedent for issuers. The transaction is 25% larger than NSIA CI’s 2020 issuance and demonstrates rising investor confidence in structured finance within Francophone West Africa. It also supports financial sector resilience by expanding funding options, particularly for SMEs—an underserved segment critical to regional employment and GDP. The model may encourage similar euro-denominated products in the future, especially if local regulators maintain support for cross-border investments and enhanced market infrastructure. As WAEMU capital markets evolve, combining local currency with international tranches could unlock broader participation and promote deeper financial integration across the continent.
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