Ivory Coast launches €1.7 billion of notes due 2031, 2040

By Rebecca Melvin

New York, Oct. 10 – The Republic of Ivory Coast launched €1.7 billion of notes in dual tranches (expected ratings: Ba3//B+) on Thursday, including €850 million of 2031 notes to yield 6% and €850 million of 2040 notes to yield 6 7/8%, according to a syndicate source.

Pricing was tightened for the 2031 notes, which have a weighted average life of 11 years, from initial price talk of 6 1/8% to 6¼%.

For the 2040 notes, which have a weighted average life of 20 years, the yield was tightened from initial price talk in the 7 1/8% area.

The combined order books were in excess of €4.4 billion.

The Rule 144A and Regulation S notes were marketed by bookrunners BNP Paribas, Citigroup and JPMorgan.

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