March 7, 2018 / 3:25 PM / 7 months ago

UPDATE 2-Ivory Coast to begin Eurobond roadshow in London: FinMin

(Adds other cities to be visited)

ABIDJAN, March 7 (Reuters) - Ivory Coast will hold a roadshow in London for what would be the West African nation’s fourth Eurobond in five years, Finance Minister Adama Kone told Reuters on Wednesday.

A wave of African countries, including Kenya, Nigeria and Senegal, have tapped international debt markets in recent weeks. Others, such as Ivory Coast and Ghana, are weighing issuances amid expectations of a Federal Reserve interest rate increase.

“We are leaving this evening ... We start with London,” Kone said on the sidelines of a cabinet meeting in the country’s commercial capital, Abidjan.

A second official, who asked not to be named because he was not authorised to speak to journalists, said the Ivorian delegation planned to travel to London, New York, Boston, Frankfurt and Paris between March 7 and 17.

Kone declined to reveal the amount targeted by the Ivorians, saying that it would depend on feedback from the roadshow.

“It’s a competition,” he said.

Last month, he said Ivory Coast would need to raise a total of 1.31 trillion CFA francs ($2.48 billion) to finance this year’s budget.

Prime Minister Amadou Gon Coulibaly later said the government intended to raise 300 billion CFA francs on the regional market.

Since a 2011 civil war that ended a decade-long political crisis, the French-speaking country has attracted the attention of foreign investors with one of the continent’s fastest-growing gross domestic products.

Its lingering challenges were highlighted last year, however, by a crisis in its world-leading cocoa sector and successive waves of violent mutinies in the ranks of the armed forces.

Ivory Coast, which is rated “Ba3” by Moody’s and “B+” by Fitch, last tapped the debt market in June, raising $1.25 billion in 16-year debt and 625 million euros ($775.75 million) in eight-year debt.

$1 = 528.1000 CFA francs $1 = 0.8057 euros Reporting by Loucoumane Coulibaly, writing by Joe Bavier, editing by Aaron Ross, Larry King

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