Samurai Bonds: Ivory Coast Paves the Way in the Japanese Bond Market

Ivory Coast has just written a new chapter in the history of African financing. On July 17, 2025, the country became the first state in sub-Saharan Africa to successfully issue Samurai Bonds, raising 50 billion Japanese yen, equivalent to 200 billion FCFA, on the world's third-largest bond market.

This operation, orchestrated following a strategic roadshow conducted in Japan in April 2025, received a favorable reception from leading Japanese institutional investors. The bond, denominated in yen, carries a competitive coupon of 2.3% with a maturity of ten years and is now listed on the Tokyo Stock Exchange.

According to the official statement, this issuance "reflects the growing confidence of Japanese investors in the quality of the Ivorian signature." It represents a structural advancement in the strategy to diversify the sources of external financing for the Ivorian state.

Indeed, after establishing its credibility in international markets in dollars and euros, and successfully launching euro-denominated bonds in CFA francs, Ivory Coast is expanding its financial footprint to Asia, exploring the Japanese market for the first time.

In addition to its pioneering nature, the operation is also distinguished by its sustainable and responsible dimension. The issued bond is labeled ESG (environmental, social, and governance) and is supported by the Japan Bank for International Cooperation (JBIC), a Japanese financial institution rated A+, which provides partial guarantees. Furthermore, it is the first "Sustainability Bond" issued by an African state in this market segment.

Through this successful foray into the Japanese archipelago, Ivory Coast confirms its status as a regional reference in terms of smart and innovative debt strategy, combining access to new pools of liquidity, sovereign attractiveness, and commitment to sustainable development.

Source: Mag lemarche.finance, Editorial Team MEPD Web Portal