Côte d’Ivoire Raises Over $774mln in Two Weeks on Regional Market

(Ecofin Agency) - In less than two weeks, Côte d’Ivoire has raised more than CFA480 billion ($774 million) on the regional market. This success reflects the country’s strong reputation among investors. Since the start of the year, Côte d’Ivoire has issued over 160 new securities, intensifying its fundraising efforts.

On November 26, the country raised CFA275 billion ($443 million). It followed this with another successful operation on December 6, raising CFA208 billion. This exceeded the initial target of CFA195 billion, with total demand reaching 106%, a clear sign of investor confidence within the West African Economic and Monetary Union (WAEMU).

Côte d’Ivoire’s strategy of using a mix of maturities has paid off. Treasury bills (BAT) with a 91-day maturity attracted the most interest, with CFA135.8 billion fully subscribed. The 182-day and 364-day maturities raised CFA15 billion and CFA18 billion, respectively, both nearing full subscription.

Treasury bonds (OAT) with 3- and 5-year maturities were also popular, raising CFA25 billion and CFA2 billion, respectively. Bonds with a 7-year maturity achieved a 96.07% subscription rate, raising CFA12.2 billion.

The weighted average yields (WAS) for Treasury bills (BAT) ranged from 4.27% (182 days) to 6.59% (91 days). For Treasury bonds (OAT), the yields reached 7.63% for 3- and 5-year maturities, and 7.48% for the 7-year bonds, highlighting a slight additional cost to secure longer-term financing.

The weighted average yields ranged from 4.27% for the 182-day BAT to 7.63% for the 3- and 5-year OAT. These figures indicate a measured risk premium for an issuer that remains a safe investment on the regional market. For OAT, the yields reached 7.63% for 3- and 5-year maturities, and 7.48% for the 7-year bonds.

This latest fundraising is part of a public debt management strategy that combines diversification of instruments and optimization of maturities. Since the beginning of the year, Côte d’Ivoire has already raised CFA 3,271 billion on the regional market.

Source: Ecofin Agency