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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

London, Brazil Terminals Boost DP World Container Volumes

DP World , one of the world's biggest port operators, said on Thursday that its gross container volumes rose 10.7 percent from a year earlier in the first half of 2014.

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

U.S. Naval Academy: New Superintendent

The U.S. Naval Academy (USNA) has held a change of command ceremony in Annapolis, Maryland, where Vice Adm. Walter E. "Ted" Carter Jr. relieved Vice Adm. Michael Miller,

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Finance

Seadrill Bondholders: Majority Accept Conversion Offer

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding

General Dynamics Reports 2Q 2014 Earnings

General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

News

2545 Candidates Vie for 11 Positions in Maersk Drilling

2545, that is exactly how many applicants applied for the 11 MITAS engineer positions available in Maersk Drilling in 2014. The Maersk International Technology and Science Programme,

Jacksonville Dedicates New PORTS® Real-time Data System

Officials from NOAA, the Jacksonville Marine Transportation Exchange, and the Jacksonville Port Authority officially dedicated a new information system today

Saab Completes Acquisition of TKMS (Kockums)

Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems (TKMS, formerly Kockums) has now been completed. The acquisition

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1135 sec (9 req/sec)