With deadlines looming, Abidjan aims to return to the markets, seeking to raise $2.5 billion.

President Alassane Ouattara officially announced a Eurobond issuance next week during a New Year’s event on January 15. This confirms earlier speculation of an imminent euro bond, positioning Côte d’Ivoire as the first sub-Saharan African nation to rejoin international markets post-COVID-19.

President Ouattara directed Finance Minister Adama Coulibaly to expedite the process, with indications pointing to a $2.5 billion eurobond issuance.

Leading the financial efforts are Rothschild, Standard Bank, and Deutsche Bank.

“This involves repurchasing bonds issued a few years ago, with anticipated proceeds [from those bonds] insufficient,” says a source. Côte d’Ivoire aims to tackle the approaching maturities of its external debt, with Rothschild serving as the financial advisor. A team from the French bank visited Abidjan at the close of the previous year.

While global eurobond rates hover at 4%, Côte d’Ivoire is expected to close around 5% to 6%. Standard Chartered Bank and Deutsche Bank will assist in this operation.

In the 2024 Ivorian budget, exceeding 13,720 billion CFA francs (nearly 21 billion euros), treasury operations total 5,851 billion CFA francs. Of this, 3,447 billion CFA francs are slated for procurement from local and international financial markets.

In 2023, Côte d’Ivoire launched a syndicated loan, again with Standard Chartered, backed by the World Bank, IMF, and other partners. Globally, the bond market is still dominated by the United States and China, constituting over 55% of issuances.