Cote d’Ivoire |

Côte d’Ivoire’s SIR financing highlights innovations in Africa’s debt markets

ABIDJAN (Capital Markets in Africa) – Côte d’Ivoire’s Société Ivoirienne de Raffinage (SIR), West Africa’s largest oil refinery, has secured a €577mn debt financing which will help it repay historical obligations on crude supply and reduce the interest rate of its stock of debt. The facility will also enable SIR to upgrade its plant and align it to international environmental emissions standards, with a view to business expansion. In recent years, Côte d’Ivoire has put…

Ivory Coast Said to Attract Almost $10 Billion in Eurobond Bids

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ABIDJAN (Capital Markets in Africa) – Ivory Coast attracted almost $10 billion in bids for its Eurobond auction on Thursday in a sale that came less than a month after a four-day mutiny by soldiers, according to a person familiar with the matter. The West African nation received about $4.8 billion in orders for the dollar portion of its debt sale and a further 4.4 billion euros ($4.9 billion) for the second tranche by the…

Côte d’Ivoire and Ghana Resilient to Credit Pressure from 10-yr low in Cocoa Prices

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LONDON (Capital Markets in Africa) – While cocoa prices at 10-year lows will put pressure on the economies and fiscal position of leading producers Côte d’Ivoire and Ghana, both will be able to withstand short-term price fluctuations, Moody’s Investors Service said in a report today. Current average cocoa prices reflect a drop of around 30% compared to mid-2016. The report, “Sovereigns — Africa: Côte d’Ivoire and Ghana Resilient to Credit Pressures from Fall in Cocoa…

Francophone Africa: Reality and Opportunities in Real Estate

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ABIDJAN (Capital Markets in Africa) – Africa and its potential have been on every investor’s lips for some time now. This interest is especially relevant when strong trends are emerging across cities of Africa, whether French, English or Portuguese-speaking, including an emerging middle class and rapid urbanization. Early 2000, commodities-driven economies with impressive growth rates such as Nigeria and Angola were the first targets of international investors. However, with the recent fall in commodities price,…

Ivory Coast to Review 2017 Budget Amid Slump in Cocoa Prices

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will revise its budget for 2017 after prices for the beans dropped by a third since the middle of last year, according to a government official. While the slump in cocoa prices weighs on income, the West African nation also has to provide for new expenditures, government spokesman Bruno Kone said by phone. Ivory Coast’s “resources are largely sufficient to face these expenses…

Ivory Coast Said to Start Sucrivoire Share Sale Next Week

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ABIDJAN, Capital Markets in Africa: Ivory Coast will start selling its stake in Sucrivoire SA next week, ahead of the sugar producer’s listing on the regional exchange in Abidjan, the commercial capital, according to a person familiar with the matter. The government will sell its 23 percent stake in Sucrivoire at 13,000 CFA francs per share, raising about 14.7 billion francs ($25.1 million), said the person, who asked not to be identified because the matter is…

CÔTE D’IVOIRE: ECONOMIC REVIEW AND OUTLOOK

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LAGOS, Nigeria, Capital Markets in Africa: Côte d’Ivoire’s fundamentals to remain strong but growing external headwinds pose downside risks Growth to remain strong over the short term, providing businesses with opportunities Côte d’Ivoire’s short-term economic outlook appears good, reflecting successful reforms under the current administration. The country has come a long way from five years of civil war (2002-07) that damaged its infrastructure, and post-election instability in 2010 that left 3,000 people dead and thousands…

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