Ivory Coast Attracts Almost $10 Billion in Eurobond Bids
- Auction proceeded less than a month after soldiers’ mutiny
- African nations are benefiting from high demand for EM assets
A woman walks past Ivorian soldiers patrolling by Ivory Coast's army headquarters, the Gallieni military camp, in Abidjan on May 12, 2017.
Photographer: ISSOUF SANOGO/AFP via Getty ImagesIvory Coast attracted almost $10 billion in bids for its Eurobond auction on Thursday in a sale that came less than a month after a four-day mutiny by soldiers, according to a person familiar with the matter.
The West African nation received about $4.8 billion in orders for the dollar portion of its debt sale and a further 4.4 billion euros ($4.9 billion) for the second tranche by the time bookrunners announced final pricing terms, said the person, who asked not to be identified because a public announcement hasn’t been made. Ivory Coast issued $1.25 billion of 16-year bonds with a 6.25 percent rate and 625 million euros of eight-year notes yielding 5.125 percent.