Côte d’Ivoire: Markets snap up bond issue

Côte d’Ivoire has priced a $750m ten-year bond at a final yield of 5.625%, according to a government statement. Government debt is rated B1 (positive outlook) by Moody’s and B (positive outlook) by Fitch. The country missed coupon payments on its outstanding 2032 Eurobond in 2010–11 as it emerged from political and economic crisis, and had to restructure its external and domestic debt in 2012. But a growing number of African countries are now seeking to tap debt markets as borrowing costs have fallen to record lows.