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Ivory Coast Seeks Banks to Sell Euro-Denominated
ABIDJAN (Capital Markets in Afrioca) – Ivory Coast is requesting proposals from banks to issue as much as 500 million euros ($557 million) in foreign bonds to refinance more expensive debt, according to people familiar with the matter.
The world’s top cocoa grower, which budgeted to raise 1.44 trillion CFA francs ($2.5 billion) of debt in 2019, wants to redeem some of its euro-denominated securities, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter.
Government spokesman Sidi Toure said he was unaware of an upcoming sale.
Prime Minister Amadou Gon Coulibaly said in March that even though Ivory Coast will secure most of its finance needs through commercial loans and bond sales on the regional market, the country may issue offshore securities to buy back older debt on better terms.
Ivory Coast has three euro-denominated bonds outstanding, with only its 2025 securities trading below the 5.125% coupon at a yield of 4.83% Thursday at 10:25 a.m. in London. The issuance is set to add to this year’s run of African Eurobond sales of $11.9 billion, compared with $28.5 billion for the whole of 2018.
Source: Bloomberg Business News