Eurobond: Côte d'Ivoire Successfully Raises $1.75 Billion on International Markets

Côte d'Ivoire has made another significant stride in the financial markets. On March 25, 2025, the country successfully raised $1.75 billion through a Eurobond issuance with a final maturity of 11 years, set to mature in 2036. This well-received operation was finalized in Paris by the Minister of Finance and Budget, Adama Coulibaly, despite ongoing market volatility.

The bond, denominated in U.S. dollars, was hedged with an Euro-Dollar currency swap, reducing the country's exposure to fluctuations in the American currency. The achieved interest rate of 6.45%—15 basis points lower than the 6.60% rate of the previous issuance in January 2024—demonstrates growing investor confidence in Côte d'Ivoire’s credit profile.

Investor demand confirmed the success of this operation, with the order book peaking at $5.2 billion, more than three times the targeted amount. Around 180 institutional investors participated in the transaction, which was completed in a single day, allowing the country to shield itself from market volatility.

At the same time, Côte d'Ivoire initiated a proactive debt management operation, involving the partial buyback of two outstanding Eurobonds:

• The 2028 Eurobond ($300 million)
• The 2032 Eurobond ($400 million)

This initiative aims to gradually mitigate debt service risks and maintain a moderate level of indebtedness.

This latest bond issuance not only reaffirms Côte d'Ivoire’s continued access to international financial markets under competitive conditions but also highlights the country's robust debt management strategy in an increasingly demanding global environment.

Following this achievement, Côte d'Ivoire successfully completed another bond issuance on March 26, 2025. This time, the 220 billion FCFA ($335 million) bond was denominated in the West African CFA franc (FCFA) and placed with international investors—making Côte d'Ivoire the first African country to issue a bond in its national currency on international markets.

This new financial instrument, with a 3-year maturity, received strong market support from 30 leading international investors. Although denominated in FCFA, the bond will be settled in euros and listed on the London Stock Exchange.

This issuance underscores growing confidence in Côte d'Ivoire’s credit profile, while also helping the country diversify its funding sources and develop its domestic capital markets.