Ivory Coast Seeks Deepwater Oil Investors
Ivory Coast will seek investors in its available offshore oil acreage, including seven new ultra-deep water blocks in the Gulf of Guinea, at a promotional event in Texas next week, a senior oil ministry official said on Tuesday. The West African nation will target companies including Exxon Mobil, Total, Eni, Anadarko Petroleum, Tullow Oil and ConocoPhillips , the ministry's oil director Ibrahima Diaby said. Prime Minister Daniel Kablan Duncan and Oil and Energy Minister Adama Toungara will lead the government delegation at its promotional event in Houston on Oct. 14 and 15.
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.
