Africa shows up at last as Ivory Coast mandates for euros
The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.
The country, rated Ba3/B+ by Moody's and Fitch, is seeking a Reg S/144A euro benchmark with a maturity of 11.2 years.
It is also offering a capped tender offer for up to $825m of its outstanding 6.375% 2028 bonds, its step-up bonds due 2032 and its 5.125% 2025 bonds.BNP Paribas, ...