Ivory Coast bonds fall after al-Qaeda claims hotel attacks

Ivory Coast’s Eurobonds fell after militants linked to al-Qaeda said they led an attack on three hotels Sunday that left at least 22 people dead in the West African nation.

Yields on $750 million of securities due July 2024 jumped as much as 12 basis points before trading 5 points higher at 7.16 percent by 8:40 a.m. in London.

Al-Qaeda in the Maghreb and al-Mourabitoune said three of its fighters died in the attack in Grand Bassam, Mauritanian newspaper al-Akhbar reported, citing a statement. At least 14 civilians and two soldiers were killed, President Alassane Ouattara said in comments broadcast on state television. Six militants were killed, he said.

Ivory Coast, the world’s biggest producer of cocoa, has been on high alert since November when al-Qaeda-linked insurgents led an attack at a Radisson hotel in Mali in which about 20 people died. The group pledged to continue attacking allies of France and led a similar assault that left about 30 dead in Burkina Faso in February. It’s the first attack by Islamist militants in Ivory Coast, a former French colony with a population almost evenly split between Muslims and Christians.

– Bloomberg