World Economy

Ivory Coast Attracts $10b in Eurobond Bids

Ivory Coast Attracts  $10b in Eurobond BidsIvory Coast Attracts  $10b in Eurobond Bids

Ivory Coast attracted almost $10 billion in bids for its Eurobond auction 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 ($4.9 billion) for the second tranche by the time book-runners 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% rate and €625 million of eight-year notes yielding 5.125%, Bloomberg reported. Ivory Coast proceeded with the bond sale even after the government of President Alassane Ouattara bowed to mutinous soldiers’ demands over bonuses, underscoring the political fragility of a country that defaulted as recently as 2011 during a conflict that was sparked by an election dispute. BNP Paribas SA, Deutsche Bank AG, JPMorgan Chase & Co., Natixis SA and Standard Chartered Plc arranged Ivory Coast’s deal.

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