Ivory Coast dollar denominated bond was oversubscribed six folds during its sale this week, Citigroup, which was one of the lead managers of the offer, told Reuters on Thursday.

The west African country, which gained ratings of B/B1 with positive outlook from Fitch and Moody’s ahead of the bond launch, received orders worth $4.75 billion for the $750 million it had offered in a 10-year dollar bond at a 5.625 percent yield.

A majority of investors in the bond were from the U.S. and U.K., Citigroup said.

The sale marks a turnaround for Ivory Coast, which suffered two civil wars in a decade and has been in default on its debt twice since 2000.

The government of President Alassane Ouattara has invested heavily in reviving long-neglected infrastructure, building highways and bridges and overhauling the country’s power grid since assuming power in 2011 following a brief post-election civil war.

The world’s biggest cocoa producer is expected to grow its GDP by at least 10 percent this year. It joins other African countries from Kenya to South Africa seeking to tap debt markets as international borrowing costs tumble.

“Ivory Coast has been perhaps the foremost example of progress in frontier markets. It’s been a high-growth country with very responsible debt and fiscal management, and investors have been clamoring for them to come back with a new bond,” Bryan Carter, a fund manager at Acadian Asset Management in Boston, told WSJ.

Yield-hunting investors have piled on bonds from sub-Saharan African sovereigns in recent years, leading analysts to warn about the dangers of these borrowers accumulating too much debt.

Bloomberg reported that South Africa had picked banks for an offering of 12-year and 30-year dollar notes, ahead of its pricing, adding that Senegal was also marketing benchmark-sized dollar-denominated bonds to investors in U.S. and Europe this week and next.