CASE STUDY
BOAD Titrisation: DOLI-P
CATEGORY
Supply
Capital market tool
Securitisation
Geography
West Africa
LISTING EXCHANGE
Bourse Régionale des Valeurs Mobilières (BRVM), Abidjan
SECTOR
Development Finance; Sovereign and Non-Sovereign Loans (Infrastructure, Energy, Housing)
DFI / DONOR INTERVENTION
BOAD
TRANSACTION SIZE
USD 472 million
TRANSACTION YEAR
2023–2024
Structure and Capital Market Tool
BOAD launched one of West Africa's first MDB securitisation programmes, using a hybrid structure that combined synthetic securitisation and a true-sale CLO through a purpose-built securitisation fund, the Fonds Commun de Titrisation de Créances (FCTC), established under WAEMU's regulatory framework.
In 2023, BOAD Titrisation's inaugural securitisation transaction raised CFA 150 billion (approximately USD 225 million). The transaction focused on the synthetic securitisation of BOAD receivables, backed by sovereign loans from five West African countries, with BOAD remaining the lender of record.
In 2024, BOAD followed up with DOLI-P, a CFA 160 billion (approximately USD 230 million) transaction featuring three tranches (75% senior, 18% mezzanine, 7% junior). This second deal expanded the collateral pool to include private and SOE loans in infrastructure, energy, and housing, and introduced a mezzanine tranche aligned with international standards to attract global investors.
Background and Market Context
Balance sheet constraints limit how much commercial banks and regional development banks in the West African Economic and Monetary Union (WAEMU) can lend. Meanwhile, private and institutional investors lack access to diversified, investable exposure to these assets. BOAD Titrisation, a wholly owned subsidiary of the West African Development Bank (BOAD) and the region's first licensed securitisation company, was created in 2011 to bridge this gap and demonstrate a replicable model for mobilising private capital at scale.
Development Impact
BOAD Titrisation's securitisation transactions are supply-side interventions that show how MDBs can innovate within regional regulatory frameworks to mobilise private capital, strengthen portfolio quality and deepen local financial markets. BOAD simultaneously offloaded assets from its balance sheet to create additional lending headroom, while creating a market for its assets in Africa and globally through capital market infrastructure. The transactions provided a replicable, scalable model for other issuers and broadened investor participation across West African markets.