Ivory Coast Looks Set to End a Near-two Year Drought of International Debt Sales 

The world’s largest cocoa producer, which operates within the West Africa Economic and Monetary Union (WAEMU) whose currency is pegged to the euro, had focussed on issuing bonds denominated in euros to reduce its currency exposure. “Ivory Coast has one of the most solid macroeconomic foundations in Africa,” said Ashmore’s Gustavo Medeiros. “A Dollar denominated debt is likely to be well subscribed.” The West African country is set to price two dollar-denominated bonds later in the session – a sustainability-linked bond that amortises in equal parts in 2032 and 2033, and a conventional bond that amortises in equal parts in 2036 and 2037, according to IFR. Initial price thoughts indicated a coupon of around 8.375% and 8.875% respectively.
 

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