Fidelis Finance returns with $25.6M bond issue for SME lending across WAEMU
What's the deal? Fidelis FinanceDealroom has a profile for this one. Try Dealroom → has opened its fourth bond issue on the West African Economic and Monetary Union (WAEMU) regional market, seeking to raise US$25.2M. SGI Togo is arranger and lead manager, with subscriptions open from October 28 to November 19, 2026.
The terms: The five-year bond, dubbed "SME Growth Boost UMOA 3," carries a gross annual rate of 7% and a one-year grace period on principal. Bloomfield Investment Corporation rated it A long term and A1 short term, with a stable outlook, and 10% of outstanding principal is held in escrow for the full term.
Why now? The Burkina Faso lender has financed SMEs since 1998, and this sale extends a funding track record tied directly to lending rather than one-off corporate borrowing. Proceeds will fund a pipeline of projects identified within the Union.
The numbers: Fidelis reported a total balance sheet of US$169.3M at the end of 2025 and net banking income up 20% year-on-year. Its solvency ratio stood at 54.36%, far above the 11.5% regulatory standard, and it complies with all BCEAO prudential rules.
The step-up: This matches the size of its 2023–2028 CAP25 bond, which also raised nearly US$25.2M and was admitted to the BRVM. At the time, the exchange described it as the only private-sector Burkina Faso bond listed there, underscoring how rare corporate issuance remained.
The signal: WAEMU bond financing is broadening, with regional public debt issuance up 34% year-on-year in the first quarter of 2026 and a 2025 securitized SME bond in Benin drawing backing from IFC, BOAD and British International Investment. The Fidelis sale is another test of whether regional markets can channel local-currency capital to private businesses — though its significance will hinge on investor demand and the use of proceeds.
Read more: horonyafinance.com
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