A West African social bond has been listed on the Luxembourg Green Exchange (LGX) for the first time, marking a milestone for regional financial markets and highlighting growing international interest in local-currency debt from Africa.
The bond, issued by the West African Economic and Monetary Union’s Regional Mortgage Refinancing Company (CRRH-UEMOA), was formally admitted to trading on the Luxembourg Stock Exchange on Monday during a listing ceremony. Valued at 60 billion CFA francs, the issue is worth about 91 million euros, or roughly US$99 million at current exchange rates.
The listing is a dual admission on both the Regional Securities Exchange (BRVM), based in Abidjan, and the Luxembourg Stock Exchange, and represents the first effective dual listing between the two exchanges since a cooperation agreement was signed in 2022. It is also the first West African social bond to be admitted to the LGX platform, the world’s leading marketplace for sustainable bonds.
Market participants say the operation goes beyond symbolism, representing a structural step in integrating West African capital markets into global financial circuits. It also demonstrates that the CFA franc, the shared currency of eight West African countries, can be used to access international investors when supported by a credible issuer and recognised regulatory framework.
The CRRH-UEMOA bond carries a 6.00% coupon and matures in 2040, giving it a 15-year tenor. It was first listed on the BRVM in September 2025 and is entirely dedicated to financing affordable housing across the West African monetary union.
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The transaction was structured and managed by Impaxis Securities as arranger and lead manager. Proceeds are being used to refinance residential mortgage loans issued by banks in the UEMOA region to low- and middle-income households purchasing homes priced below 100 million CFA francs, or about $165,000.
According to ratings agency Moody’s, around 80% of the loans refinanced under the programme relate to housing valued at less than 50 million CFA francs (about $82,000), with nearly half below the 25 million CFA franc threshold, or roughly $41,000. The agency said the bond meets international social bond principles established by the International Capital Market Association and contributes to several United Nations Sustainable Development Goals, including reducing inequality and promoting sustainable cities.
From a market perspective, the bond was listed at par, with an actuarial yield close to its face coupon, indicating strong investor confidence and no additional risk premium. CRRH-UEMOA holds a top-tier regional investment-grade rating of AAA from Bloomfield Investment Corporation, while Moody’s assigns the issuer a Ba2 rating with a stable outlook. The bond received Moody’s highest social bond quality score, SQS1.
As with previous CRRH-UEMOA issuances, the bond is expected to be eligible for refinancing at the West African central bank, the BCEAO, increasing its appeal to regional banks, pension funds and insurers.
For the Luxembourg Stock Exchange, the transaction reflects a broader strategy to support African issuers and facilitate local-currency listings tied to sustainable development. “This dual listing demonstrates that African and European markets can be connected around credible, impact-driven products,” said Julie Becker, chief executive of the Luxembourg Stock Exchange.
The BRVM also welcomed the development, describing it as a boost to the exchange’s visibility and attractiveness. Its director general, Edoh Kossi Amenounvé, said the listing underscored the rise of sustainable finance in West Africa and the growing role of regional capital markets.
Since its creation, CRRH-UEMOA has raised more than 475 billion CFA francs, equivalent to about US$785 million, helping finance housing for over 120,000 direct beneficiaries across the region. The need remains significant. Ivory Coast alone faces a housing deficit estimated at more than 500,000 units, growing by around 10% annually. In countries such as Benin and Burkina Faso, where most urban workers operate in the informal economy, access to mortgage finance remains limited.
CRRH-UEMOA’s director general, Yedau Ogoundele, said the dual listing opens new perspectives for inclusive housing finance while strengthening the region’s financial integration and resilience.
