• BRVM lists $98M social bond for affordable housing, Sept. 3
• Bond supports low-income housing, rated top social grade by Moody’s
• First UEMOA social bond, 88% acquired by regional investors

Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for the West African Economic and Monetary Union (UEMOA), listed the "Social Bond CRRH-UEMOA 6.00% 2025-2040" on Wednesday, September 3, 2025. This 60 billion CFA Francs ($98.1 million) bond issue from the Regional Mortgage Refinancing Fund of UEMOA (CRRH-UEMOA) is dedicated to financing decent housing for low and middle-income households, marking a significant step for sustainable finance in the sub-region.

The bond issue, structured by Impaxis, involved 60 million bonds at 10,000 CFA Francs each. It carries an annual net coupon of 6% and has a 15-year maturity with a one-year grace period. The bond was rated SQS1 (Excellent) by Moody’s, the highest possible rating for a social instrument, which lends international credibility to the regional financial market.

Dr. Edoh Kossi Amenounve, Director-General of the BRVM, highlighted the "innovative nature of this issue for our market" and called it a step toward "inclusive and sustainable finance aligned with the needs of the population." He noted the challenges low and middle-income households face in securing decent housing, especially amid constrained public spending and a general decline in investments in various countries. He added that investments in social housing are a major economic challenge in Africa, with growing demands for sustainability and inclusivity.

Yedau Ogoundele, CRRH-UEMOA's top manager, expressed pride in the bond's listing. The bond, which was issued in 2023, was oversubscribed by 112%, totaling 67.2 billion CFA Francs, of which 60 billion was ultimately retained. "This is a first in our sub-region," she said. "What we are celebrating today is much more than a financial transaction. It is the first social bond issued in the UEMOA zone, entirely dedicated to affordable housing, but also 13 years of consistency and trust built with investors, banks, and the public."

With this listing, the BRVM and CRRH-UEMOA are pioneering a new era for inclusive and sustainable finance in the Union. Investors within the community acquired 88% of the issued bonds, positioning the region as a credible and innovative player in social impact financial instruments.

S.A