July 9, 2020 / 11:49 AM / a month ago

Ivory Coast dollar bonds fall after death of ruling party candidate

LONDON, July 9 (Reuters) - Ivory Coast sovereign dollar bonds came under pressure on Thursday after prime minister and ruling party candidate for the October presidential election, Amadou Gon Coulibaly, died on Wednesday.

The 2024 and 2032 bonds slipped around 1 cent in the dollar, data from MarketAxess and Refinitiv showed.

The death of Gon Coulibaly, 61, who had heart surgery in 2012 and had just returned from cardiac examinations in France, is likely to set off a scramble within the ruling RHDP party to replace him as its presidential candidate.

There is no clear-cut replacement for him in an election widely considered a test of stability for the world’s top cocoa producer.

“The death of Mr Coulibaly creates significant and unwelcome uncertainty ahead of Côte d’Ivoire’s upcoming polls,” said Louw Nel at NKC Research, adding this would exacerbate expectations for volatility.

“An attempt by (incumbent President) Mr Ouattara to put himself forward as RHDP candidate will likely trigger unrest.” (Reporting by Karin Strohecker; Editing by Saikat Chatterjee)

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