Ivory Coast Raises $315 Million in Regional Bond Market

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Written by Makula Dunbar

Written by Aziz El Yaakoubi | From Reuters

Ivory Coast raised 150 billion CFA francs ($315.83 million) in the regional market and hired banks for a $500 million Eurobond issue, Morocco’s BMCE Bank , one of the banks hired to manage the deals, said on Monday.

Ivory Coast said earlier it would issue around $1 billion in sovereign debt on the international market this year in a combination of dollar Eurobonds and local CFA franc-currency bonds.

BMCE Bank said its African subsidiary, Bank Of Africa, is one of the lenders hired by the government to issue $500 million Eurobond in 2014.

The 150 billion CFA francs seven-year bond with a 6.5 percent coupon was fully subscribed within 48 hours by investors from Benin, Burkina Faso, Ivory Coast and others, the statement said.

Read more at Reuters