Ivory Coast’s Eurobonds issuance received so much love from investors on Thursday, as it sold $2.1 billion (€1.7 billion) of bonds in the biggest issuance in the international market from an African country, report says.
Prior to the issuance of its Eurobonds, investors had placed almost $5.2 billion (€4.2 billion) worth orders for the notes.
Informant who pled anonymity told Bloomberg that Ivory Coast’s amortizing deal was equally split between a tranche maturing in 2030 paying 5.25 percent, and another due in 2048 with a yield of 6.625 percent.
The source added that price guidance stands around 5.375 percent for shorter securities with an 11-year average maturity, and 6.75 percent for longer securities with a 29-year maturity life on the average.
It was revealed that BNP Paribas SA, Citigroup Inc., Deutsche Bank AG and Societe Generale SA managed Ivory Coast’s sale.
Not only the largest euro debt issued by an African government in a century, Ivory Coast’s security issuance is also the second-biggest transaction in the currency from emerging markets this year, after Romania’s 2 billion euro-deal on Feb. 1, according to the data compiled by Bloomberg.
The West African country brings the amount of debt issued by African countries –Egypt, Nigeria, Kenya and Senegal– to the total of $12.8 billion of Eurobonds this year.
African countries total Eurobonds issuance since the beginning of 2018 now exceeds the average amount of the overall $18 billion Eurobonds it issued in 2018 and also exceeds the total bond sale of 2016.