Bond issue by public offering dubbed “EBID 5.90% – 2022-2029” closes with oversubscription “EBID – EBID 5.90% – 2022-2029”: F CFA 120 billion
The Consortium, comprising IMPAXIS, Lead Arranger and Lead Bookrunner and Coris Bourse and Ecobank, respectively Co-Arranger and Co-Lead Bookrunner, is pleased to inform the market of the early closing of the bond issue named “EBID 5.90% – 2022-2029”.
The FCFA 120 billion transaction is the largest bond issue launched by a non-sovereign issuer since the creation of the regional financial market. Driven by investor interest, confidence in EBID and the robust structuring proposed, the operation was oversubscribed and closed within 48 hours!
The resources raised will be used to exclusively finance projects with a significant impact in the WAEMU zone.
The securities will soon be available for purchase and free sale on the secondary market through approved intermediaries.
As a reminder, this seventh outing by EBID was authorised under visa number: EOP/22-01 by the Regional Council for Public Savings and Financial Markets (CREPMF) for an amount of FCFA 120 billion. This led to 12,000,000 dematerialized bonds issued at a unit price of FCFA 10,000 with a 7-year maturity and a net annual coupon of 5.90% and amortized semi-annually after two (02) years of deferment on the capital.
EBID is a leading regional Investment and Development Bank, owned by the 15 ECOWAS Member States. The Bank is committed to financing development projects and programmes covering various initiatives within the region. Its interventions cover various sectors (energy, agriculture, infrastructure, water, education, health, etc.) with public and/or private counterparts. This is its 7th bond issue by public offering on the regional market.
The President of EBID and Chairman of the Board of Directors, Dr. George Agyekum DONKOR, expressed the Bank’s satisfaction, saying “We are extremely grateful to the investors who continue to demonstrate confidence in us and to the partners who have worked tirelessly towards the success of this operation. The Bank will use these resources to consolidate its development commitments in the sub-region by financing key sectors that will contribute to the achievement of sustainable socio-economic growth in Member States”.
Mr. Ababacar DIAW, CEO of IMPAXIS SECURITIES, Lead Arranger and Lead Bookrunner of the operation representing the Consortium, pointed out that ” This operation is a first on the regional financial market in terms of the amount raised, the process used, the challenging macroeconomic context and the turnaround time. These facts also reflect the confidence of investors in the credit quality of the issuer, EBID. It also demonstrates the depth and untapped capacity of our market to play its natural role in financing the development of our economies. Kudos to the IMPAXIS teams who, through this performance, have once again showcased their capacity for innovation and professionalism at international standards: The Sky is not the limit, it is just the beginning”!