Ivory Coast raises $1 billion on international markets

Feb 26, 2015

The money will help finance major development projects.

Ivory Coast has raised on Tuesday, February 24th $1 billion (€880 million) on international markets through a 12 year Eurobond.

Investors' demand has exceeded expectations, with the offer being oversubscribed four times.

"The fact that the market has absorbed such an amount of sovereign bonds is a very positive signal," said Mahan Namin, fund manager at Insparo Asset Management, quoted by the Wall Street Journal.

The purpose of this operation is to finance major development projects planned as part of the 2012-2015 National Development Plan.

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, while the general direction of the Public Accounting and Treasury sought to raise CFAF93 billion, again reflecting investors' sustained confidence in the economy of Ivory Coast.ADNFCR-2976-ID-801777297-ADNFCR