May 6, 2014 / 9:32 AM / 4 years ago

URGENT-Cote d'Ivoire hires for US dollar bond- sources

LONDON, May 6 (IFR) - Cote d‘Ivoire has hired BNP Paribas, Citigroup and Deutsche Bank for a new US dollar bond mandate, according to sources.

The offering is likely to have a 10-year tenor, they said, though its timing is uncertain as the sovereign still needs to acquire ratings. The banks declined to comment.

In January, Reuters quoted a special advisor to the economy minister saying the sovereign will seek to raise a USD500m Eurobond.

“The state will issue a Eurobond of USD500m. The procedures have begun,” Fanta Coulibaly said at the time on the sidelines of an investment conference in Abidjan.

“And we’ll have an issuance in CFA of CFA250bn (USD517m) as well.”

The bonds would represent the West African nation’s first venture into the international capital markets since a 2011 default caused by a post-election civil war.

Reporting by Sudip Roy; Editing by Philip Wright

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