Nicholas Samara News

Ivory Coast Bond Orders More than Six times Issue Size

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.