Ivory Coast launches new bond to raise €375 million

Feb 25, 2014

Ivory Coast is to issue CFfaf250 billion (€375 million) worth of bonds on the financial market of the West African Economic and Monetary Union (WAEMU), from 25 February 2014.

Ivory Coast is to issue CFfaf250 billion (€375 million) worth of bonds
on the financial market of the West African Economic and Monetary
Union (WAEMU), from 25 February 2014. The Ivorian government has
mandated NSIA Finance and Bank of Africa to carry out this operation.

"NSIA is looking to raise Cfaf100 billion and BMCE Cfaf150 billion.
This is a Treasury bonds issue with a nominal value of Cfaf10,000, with
a 6.5 per cent yield and seven year maturity, with a grace period of
three years,"
according to a source close to the case cited by Jeune
Afrique .

This bond is a first step towards a wider operation to raise $1billion of sovereign debt on international markets in 2014.

This announcement comes after the country launched a previous bond in
November on the WAEMU financial markets - seeking an amount of Cfaf91
billion ($138.8 million) - and a second bond in May.

The latter exceeded the government's expectations, generating about
Cfaf121 billion (€184.2 million), while the general direction of the
Public Accounting and Treasury sought to raise Cfaf93 billion,
reflecting investors' sustained confidence in the economy of Ivory
Coast.

The objective is to finance major development projects planned under
the National Development Plan 2012-2015.ADNFCR-2976-ID-801697102-ADNFCR