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UPDATE 1-Ivory Coast selects banks to manage new Eurobond issue - sources
May 3, 2017 / 12:17 PM / 7 months ago

UPDATE 1-Ivory Coast selects banks to manage new Eurobond issue - sources

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ABIDJAN, May 3 (Reuters) - Ivory Coast has chosen five international banks to manage a Eurobond issue planned for the second quarter of this year, two banking sources familiar with the deal said on Wednesday.

The sources did not name the banks involved and it was not initially clear what amount Ivory Coast was targeting for the deal. It last went to international markets in February 2015 with a $1 billion bond that matures in March 2028.

Government officials were not immediately available for comment.

Ivory Coast, the world’s top cocoa exporter, has emerged from a decade-long political crisis, capped by a 2011 civil war, as Africa’s fastest-growing economy, drawing the interest of international investors.

The West African nation is rated Ba3 by Moody’s and B+ by Fitch, both with stable outlooks. However, it has been hit hard by a steep decline in cocoa futures in New York and London.

The government was forced to slash 2017 budget spending by around 10 percent last month, and it also faces demands for bonus payments by soldiers and pressure to pay back-wages to civil servants. (Reporting by Joe Bavier and Sudip Roy; Editing by Matthew Mpoke Bigg and Mark Trevelyan)

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