Ivory Coast: A double financial performance that enhances its international attractiveness.
Ivory Coast once again establishes itself as a key player in international financial markets, with two strategic bond issuances completed in March 2025. These operations, marked by strong investor enthusiasm, confirm the country's economic resilience and the robustness of its macroeconomic management in an increasingly volatile international context.
On March 25, 2025, Ivory Coast raised $1.75 billion through an 11-year Eurobond (maturing in 2036) at an interest rate of 6.45%. This performance stands out due to an improvement in the state's financing cost, with a rate 15 basis points lower than that obtained during the previous issuance in January 2024 (6.60%). The issuance attracted a record demand of $5.2 billion, more than three times the amount sought, reflecting increased market confidence in the Ivorian signature. 180 institutional investors from various backgrounds, including pension funds, banks, and asset managers, participated in the operation, which was successfully finalized from Paris by Mr. Adama COULIBALY, Minister of Finance and Budget. To limit its exposure to fluctuations in the dollar, the country structured this issuance with a Euro-Dollar currency hedge, a strategy that mitigates risks related to currency volatility and secures its debt service.
At the same time, the government initiated an active management of its sovereign debt by partially repurchasing two Eurobonds: $300 million on the 2028 maturity and $400 million on the 2032 maturity. This proactive approach aims to reduce refinancing risk and optimize the country's debt profile, in line with recommendations from international financial institutions.
On March 26, 2025, Ivory Coast reached a historic milestone by becoming the first African country to issue a bond denominated in CFA francs on international markets. This issuance of 220 billion CFA francs (335 million euros), with a maturity of three years, represents a major financial innovation. Although denominated in CFA francs, its repayment will be made in euros, a strategy that reduces currency risk for the country while transferring this exposure to investors. This approach helps to enhance the attractiveness of the Ivorian bond market by opening it up to new investor profiles. The operation was well received by the market, with participation from 30 leading international investors. Its success demonstrates the growing interest in African local currency assets while providing a new avenue for the development of domestic capital markets in the region.
With these two issuances, Ivory Coast confirms its status as a leading sovereign issuer in Africa while consolidating its ability to mobilize financing on competitive terms. In addition to ensuring smooth access to international markets, these operations are part of a broader dynamic aimed at strengthening macroeconomic stability, increasing the diversification of funding sources, reducing dependence on foreign currency financing, and energizing the regional bond market within the West African Economic and Monetary Union (UEMOA).
With projected growth of 6.3% in 2025, controlled inflation at 3.7%, and a strategy to reduce the budget deficit to 3% of GDP, Ivory Coast continues its path of economic consolidation. Through these initiatives, the country enhances its credibility with international investors while laying the groundwork for a more autonomous and sustainable management of its financing. These performances also reinforce its ambition to become a financial and economic hub in West Africa, at the crossroads of regional and international interests.
Source: Government Portal of Ivory Coast, MEPD Web Portal Editorial Team
