Ivory Coast dlr bond at new 4-mth high on Gbagbo exit hopes

LONDON, April 6 Wed Apr 6, 2011 3:34am EDT

LONDON, April 6 (Reuters) - Ivory Coast's defaulted $2.3 billion bond rose 1.2 points on Wednesday to a new four-month high as incumbent leader Laurent Gbagbo was said to be on the point of ceding power, bringing an end to a months-long crisis.

The 2032 bond XS0496488395=R was quoted at around 55 cents on the dollar by 0730 GMT, the highest since Dec. 3 2010, while the yield fell a quarter percent to 11.7 percent.

The bond has risen 13 points since the end of March as hopes have grown that Gbagbo would soon be ousted by rival Alassane Ouattara, who is internationally recognised as the winner of the Nov. 28 election in the world's top cocoa producer.

Ouattara is seen as more likely to pay out on the defaulted bond. Ivory Coast missed a $29 milllion interest payment at the end of January.

(Reporting by Sujata Rao; editing by Carolyn Cohn))