A securitisation fund backed by loans originated by the ECOWAS Bank for Investment and Development (EBID/BIDC) opened a CFAF61.5 billion bond offer to investors in the West African Monetary Union on 5 November 2026. Subscriptions run until 4 December. The public offer forms part of a CFAF63 billion transaction that also includes a CFAF1.5 billion junior tranche reserved for EBID.
The FCTC BIDC fund is structured to acquire ten loans from the regional development bank, with an outstanding principal of CFAF68.34 billion. By placing securities backed by existing loan receivables, the arrangement allows the bank to refinance part of its portfolio, with KF Titrisation managing the fund.
Two senior bond classes paying 6.20% and 6.65%
The first senior class totals CFAF12.5 billion and pays an annual coupon of 6.20% over five years. The second totals CFAF49 billion and carries a 6.65% coupon over seven years. Both classes have a CFAF10,000 face value per bond, with semi-annual interest payments and principal instalments.
In CFAF billion
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Source : FCTC BIDC 2026 information memorandum
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| Category | CFAF billion | % |
|---|---|---|
| Senior A, 5 years | 12.5 | 19.84 |
| Senior B, 7 years | 49 | 77.78 |
| EBID junior | 1.5 | 2.38 |
EBID will subscribe to the CFAF1.5 billion junior tranche, which carries a stated 7% rate. Cash flows from the underlying loans will service the securities. The structure also provides for a reserve portfolio of loans and a liquidity facility to address timing differences between incoming payments and bond obligations.
Senegal accounts for most of the underlying loans
The portfolio includes financing for banks and transport infrastructure. According to the information memorandum, Senegal accounts for 68% of the transferred principal, or CFAF46.57 billion, followed by Côte d’Ivoire with 19% and Mali with 13%. Loans to financial institutions and transport infrastructure projects together represent 82.7% of the portfolio.
In CFAF billion
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Source : FCTC BIDC 2026 information memorandum
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| Category | CFAF billion | % |
|---|---|---|
| Senegal | 46.57 | 68.14 |
| Côte d’Ivoire | 13.08 | 19.14 |
| Mali | 8.69 | 12.72 |
The WAEMU Financial Markets Authority approved the information memorandum on 6 October 2026. Invictus Capital & Finance is arranging and leading the placement syndicate, while Bank of Africa Côte d’Ivoire acts as custodian. The fund intends to seek a listing for the senior bonds on the BRVM once the offering has been completed.