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LONDON - West African Development Bank (BOAD) announced Tuesday it is preparing to issue a benchmark EUR-denominated 15-year senior unsecured bond, according to a stabilization notice from J.P. Morgan Securities plc.
The offering, which will be listed on the Luxembourg Stock Exchange, will be available in denominations of EUR 100,000. J.P. Morgan will serve as the stabilization coordinator, with BNP, Natixis, and SMBC acting as stabilization managers.
The stabilization period is expected to begin on October 7, 2025, and end no later than November 7, 2025. During this time, stabilizing managers may over-allot securities by up to 5% of the aggregate nominal amount to support the market price.
The stabilization activities, which are not guaranteed to occur, must conclude no later than 30 days after the issue date or 60 days after the allotment date, whichever comes first.
The bond will be offered under Regulation S and Rule 144A but will not be registered under the U.S. Securities Act, restricting its availability in the United States. The offering is primarily directed at qualified investors outside the United Kingdom and within EEA Member States that have implemented the Prospectus Directive.
The final offer price and other specific terms have not yet been announced, according to the press release statement.
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