Ivory Coast has raised $1.3 billion through a 15-year Eurobond that was nearly five times oversubscribed, demonstrating robust international investor appetite for one of West Africa’s fastest-growing economies. The bond carries a 5.39 percent interest rate in euros after hedging, with proceeds earmarked to finance the 2026 budget. As one of the first frontier African issuers to return to international markets in 2024 after a two-year hiatus driven by high global interest rates, the world’s largest cocoa producer has maintained an active borrowing presence.
Last year, Ivory Coast issued a local currency-denominated bond in international markets as part of a broader liability management strategy combining buybacks and new issuances to smooth repayment profiles. The country has diversified funding sources through a 2024 debt-for-education swap, a sustainability-linked loan, and an ESG-certified Japanese samurai bond. It is also pursuing its debut Asian syndicated loan, according to International Financing Review. This financing strategy reflects sophisticated debt management aimed at reducing refinancing risk while maintaining access to diverse capital pools.
