The First Residential Mortgage-Backed Securities (RMBS) Securitization in WAEMU
The first Residential Mortgage-Backed Securities (RMBS) transaction in the West African Economic and Monetary Union (WAEMU), carried out under the ZAKA securitization program, was successfully launched under the compartment name “ZAKA NSIA CI”, with a total amount of 10 billion CFA. This operation marks a historic and innovative milestone in the development of the Regional Financial Market.
This unprecedented initiative, the result of collaboration among three major financial institutions, aims to democratize access to affordable housing while strengthening banks’ capacity to mobilize long-term resources.
Key Transaction Participants
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NSIA Banque Côte d’Ivoire: Originating bank, a leading regional financial institution recognized for its commitment to sustainable finance and accessible housing in the region.
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CRRH-UEMOA: Transaction sponsor, expanding its role beyond traditional mortgage refinancing to promote innovative instruments serving the housing sector.
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BOAD Titrisation: Arranger and management company for the securitization, a pioneer and recognized expert in securitization transactions in West Africa.
This ZAKA operation introduces a replicable model for the coming years, aimed at strengthening long-term financing for affordable housing in the WAEMU region. Other similar projects are already under consideration with other banks in the Union.
Main Features
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Originator: NSIA Banque Côte d’Ivoire, transferring a portfolio of 188 mortgage loans to the securitization vehicle
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Management Company and Arranger: BOAD Titrisation, responsible for structuring, arranging, and managing the corresponding FCTC
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Co-Lead Managers: IMPAXIS SECURITIES / NSIA Finance, responsible for organizing and placing the bonds with investors
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Transaction Amount: 10 billion CFA
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Bond Structure:
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Senior tranche: 7% coupon
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Mezzanine tranche: 9% coupon
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Junior tranche: 10% coupon, fully underwritten by the originator
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Maturity: 11 years for senior and mezzanine tranches, 20 years for the junior tranche
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Subscription Period: July 22 – August 22, 2025
