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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Bulk Carrier Trends

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

“Jag Arjun” Delivered to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

News

Spanish Boat Wins Leg of Ocean Race

Spanish boat Mapfre has claimed victory in the Auckland leg of the of the round-the-world Volvo Ocean Race from Sanya, China, to Auckland.   The Alicante-based

China's Maritime Advances Worry US

The Director of U.S. National Intelligence, James Clapper, has expressed his concern at the progress of China in maritime zones it shares with its neighbors, accused

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1814 sec (6 req/sec)