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Ivory Coast has raised $1.3 billion through a 15-year Eurobond, with the issue oversubscribed nearly five times, reflecting strong investor demand. The bond carries an effective interest rate of 5.39% in euros after hedging and will help finance the country's 2026 budget. As one of West Africa's fastest-growing economies and the world's largest cocoa producer, Ivory Coast has actively managed its debt through buybacks and new issuances. It has also diversified funding via a debt-for-education swap, a sustainability-linked loan and an ESG-certified samurai bond. The latest issuance highlights continued global appetite for African sovereign bonds.
Ivory Coast has raised $1.3 billion through a 15-year Eurobond issue, the finance ministry said late Wednesday. The offering was oversubscribed nearly five times, reflecting strong investor demand. Advertisement
The West African nation, the world's largest cocoa producer, has been among the most active frontier market issuers in recent years. It was one of the first African sovereigns to return to international capital markets in 2024 after a two-year pause triggered by high global interest rates.
According to the finance ministry, the bond carries an effective interest rate of 5.39% in euros following a hedging operation. Proceeds from the issuance will be used to finance the country's 2026 budget.
Ivory Coast has pursued a strategy of actively managing its debt profile through a mix of buybacks and fresh issuances to smooth its repayment schedule. Last year, it also issued a local currency-denominated bond in international markets as part of this broader liability management plan.
The country remains one of the fastest-growing economies in West Africa, and its international bonds have ranked among the region's strongest performers.
In addition to traditional debt instruments, Ivory Coast has diversified its funding sources. In 2024, it completed a debt-for-education swap and secured a sustainability-linked loan. It also issued an ESG-certified Japanese samurai bond in July last year.
The government is currently arranging its debut Asian syndicated loan, according to IFR, further expanding its access to global funding markets.
The latest Eurobond underscores continued investor appetite for Ivory Coast's sovereign debt amid ongoing efforts to strengthen fiscal management and broaden financing channels.
Source: Reuters
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