Ivory Coast Bond Orders More than Six times Issue Size

Posted by Eric Haun
Wednesday, July 16, 2014

Ivory Coast received orders for a $750 million dollar bond of more than six times the issue size, one of the lead managers said on Wednesday.

Ivory Coast launched the 10-year bond late on Wednesday at a yield of 5.625 percent, 3-1/2 years after civil war led it to default on restructured dollar debt.

Nicholas Samara, at Citi, told Reuters in a telephone interview that orders totalled $4.75 billion.

BNP Paribas and Deutsche were the other lead managers.

Investors scrambling for yield have lapped up bonds from sub-Saharan African sovereigns in recent years, leading analysts to warn about the dangers of these borrowers accumulating too much debt.

The world's biggest cocoa grower, which gained ratings of B/B1 with positive outlook from Fitch and Moody's ahead of the bond launch, will see GDP growth of at least 10 percent this year, its prime minister said.

"We expect double digit growth this year," Daniel Kablan Duncan told Reuters in the same telephone interview.

"We can use the bond proceeds to finance investments in infrastructure and a small part of it to improve our debt profile."

Duncan said the country's debt-to-GDP ratio currently stood at 44 percent.

Since assuming power in 2011 following a brief post-election civil war, the government of President Alassane Ouattara has invested heavily in reviving long-neglected infrastructure, building highways and bridges and overhauling the country's power grid.

(By Carolyn Cohn; Additional reporting by Joe Bavier in Abidjan; Editing by Alison Williams)

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

PALFINGER Plans to Acquire Harding Group

The PALFINGER Group announced it intends to acquire 100 percent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group, suppliers

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

Bulk Carrier Trends

Grounded Bulker Repaired, Heads for Japan

The Captain of the Port for Oregon and southern Washington canceled the captain of the port order on the motor vessel Sparna allowing the vessel to leave its mooring at Kalama, Wash.

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

Pioneer Marine Cancels Drybulk Newbuildings

Pioneer Marine Inc., a shipowner and global drybulk handysize transportation service provider, has terminated the last two newbuilding contracts for Green Dolphin 38,

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

News

PALFINGER Plans to Acquire Harding Group

The PALFINGER Group announced it intends to acquire 100 percent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group, suppliers

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1075 sec (9 req/sec)