Côte d’Ivoire has made a new mark on the financial markets. On March 25, 2025, the country raised $1.75 billion through the issuance of a Eurobond with a final maturity of 11 years, set to mature in 2036. This operation, hailed for its success, was completed in Paris by the Minister of Finance and Budget, Adama Coulibaly, in a context of a still tense and volatile international market.
The dollar-denominated issue was backed by a Euro-Dollar currency hedge, thus limiting the country’s exposure to fluctuations in the US currency. The yield obtained was 6.45%, 15 basis points lower than that of the previous issue carried out in January 2024 (6.60%), reflecting the markets’ growing confidence in the Ivorian credit profile.
This success was confirmed by strong investor demand: the order book peaked at $5.2 billion, more than three times the amount sought. No fewer than 180 institutional investors participated in this operation, which was executed in a single day. This situation allowed the country to protect itself against market volatility.
At the same time, Côte d’Ivoire launched a proactive debt management operation. This concerns the partial repurchase of two Eurobonds: Eurobond 2028 ($300 million) and Eurobond 2032 ($400 million). The objective is to gradually reduce debt service risk and maintain a moderate level of debt.
This loan confirms not only Côte d’Ivoire’s access to international financial markets under competitive conditions, but also the soundness of its debt management strategy in an increasingly demanding global environment.
Following this performance, Côte d’Ivoire successfully completed another bond issue on Wednesday, March 26, this time denominated in CFA francs, placed with international investors, for an amount of 220 billion CFA francs, or €335 million.
This operation is in itself a major first on the continent, as it positions Côte d’Ivoire as the first African country to place a bond denominated in its national currency on international markets.
The issuance of this new financial instrument, which received a very positive response in the markets with the participation of 30 leading international investors, highlights the increased confidence in the country’s credit profile.
It also allows Côte d’Ivoire to diversify its sources of financing and develop its domestic capital markets.
With a maturity of 3 years, and although denominated in CFA francs, this instrument will be settled in euros and listed on the London Stock Exchange.
Source: MFB
