UPDATE 1-Ivory Coast to issue $500 mln Eurobond on July 7

Wed Jun 25, 2014 10:01am EDT

Related Topics

(Adds details)

ABIDJAN, June 25 (Reuters) - Ivory Coast will issue its planned $500 mln Eurobond on July 7 in the United States and Britain, a government spokeswoman said on Wednesday, marking the West African nation's first venture onto the international capital markets since a 2011 default.

The world's top cocoa-producing nation said in May it had chosen Citigroup, BNP Paribas and Deutsche Bank to market the bond.

"Ivory Coast is going to raise $500 million from the 7th to the 18th of July in England and the United States," communications minister Affoussiata Bamba-Lamine told a news conference following a cabinet meeting.

Ivory Coast, French-speaking West Africa's largest economy, selected Fitch Ratings and Moody's to issue sovereign credit ratings but they have not yet been announced.

The bond will mark the West African nation's first venture onto the international capital markets since defaulting amid civil war.

The government resumed coupon payments on its defaulted $2.5 billion Eurobond, which matures in 2032, after securing $4 billion in debt relief in June 2012 under an IMF-World Bank scheme. It has since emerged as one of non-oil producing Africa's best-performing credits. (Reporting by Loucoumane Coulibaly; writing by Joe Bavier and Bate Felix; editing by Andrew Roche)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.