KIGALI — The Development Bank of Rwanda (BRD) has recorded strong investor demand in its third Sustainability-Linked Bond (SLB), which was oversubscribed at 126.2%, highlighting continued confidence in Rwanda’s growing capital market and impact-driven financing instruments.
The bond, issued on March 09, 2026, attracted subscriptions worth Rwf 29.05 billion against an initial target of Rwf 23 billion under BRD’s Rwf 150 billion medium-term note programme approved by the Capital Market Authority in 2023.
In response to the high demand, BRD exercised its over-allotment option, increasing the final issuance size and allocating the full amount applied for.
The bank said the outcome reflects strong investor trust in its mandate to mobilise long-term capital for priority sectors of the economy, particularly affordable housing and financing for women-led businesses.
Investor participation was broad-based, drawing both retail and institutional investors. Retail subscriptions included Rwandans in Kigali and across various districts, alongside diaspora investors from countries including the United States, Luxembourg, Denmark, Kenya and Israel.
Institutional investors also played a major role, with pension funds, commercial banks, insurance companies, unit trusts and asset managers all taking part in the issuance.
BRD attributed the successful uptake to an extensive investor outreach programme, active market engagement and a digital subscription platform that simplified access and improved efficiency in the application process.
The Development Bank of Rwanda also holds a “AAA” long-term domestic credit rating with a stable outlook from Global Credit Rating Co. (GCR), reflecting its financial stability, strong shareholder backing and its pivotal role in advancing Rwanda’s development agenda.
The third SLB is scheduled to be listed on the Rwanda Stock Exchange on April 27, 2026, enabling investors who missed the primary issuance to trade the bond through licensed brokers in the secondary market.
BRD Chief Executive Officer Stella Rusine Nteziryayo said the oversubscription demonstrates strong confidence in the institution’s role of advancing national development priorities.
“Having the third SLB oversubscribed at 126.2% is a sign of confidence from investors in BRD’s ability to drive Rwanda’s development goals while developing the local capital market simultaneously,” she said. “We do not take this trust for granted and are committed to ensuring the development goals of this SLB are delivered.”
Established in 1967, the Development Bank of Rwanda is the country’s national development bank, providing long-term, affordable and tailored financing across key sectors including infrastructure, agriculture, housing, education, green finance, exports and manufacturing.
Over the past decades, the bank has played a central role in financing Rwanda’s development agenda, aligned with Vision 2050, the Second National Strategy for Transformation (NST2) and the Sustainable Development Goals.
