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Dechert LLP acted as English and U.S. counsel to Banque Ouest Africaine de Développement (BOAD) on the issuance of its €750 million 2.750% Notes due 2033. The issuance represented BOAD’s inaugural sustainability bond and its first Euro-denominated issuance on the international capital markets. The Notes were issued in accordance with BOAD’s new sustainability bond framework and are listed on the regulated market of the Luxembourg stock exchange and included on the Luxembourg Stock Exchange’s Green Exchange platform.
BOAD is the common development finance institution for the member states of the West African Economic and Monetary Union. Its purpose is to foster development of its member states and to contribute to the economic integration of West Africa, in particular, by financing projects in key sectors.
The cross-border Dechert team advising BOAD included London partners Jennifer Rees* and Patrick Lyons and of counsel Camille Abousleiman, and Paris associate Benhouda Derradji.
“As sustainability and environmental considerations continue to grow in importance, we are delighted to apply our experience to yet another transaction involving sustainability or green bonds, demonstrating Dechert’s commitment to supporting sustainable projects,” says Jennifer Rees.
“Dechert’s international capital markets team has a longstanding track record as a leader in transactions across the MENA region and in Central Asia, in particular,” says Camille Abousleiman. “This deal demonstrates the expansion of our practice into West Africa where we can continue to bring our expertise on complex and innovative capital markets transactions to the table.”
*Partner, Dechert LLP (US); Consultant, Dechert LLP (UK)
Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.