Cote d’Ivoire Raises $1.3B via Eurobonds at 5.39%

On 18 February 2026, Cote d’Ivoire successfully issued #Eurobonds to the tune of EUR 1.1 billion (ISIN XS3299474083). The coupon rate was set at 4.3%, and the tenor was 15 years with maturity in 2040. The bonds were oversubscribed, and book orders cumulated to EUR 5.4 billion, or nearly five times the requested amount. Finally, the yield was 5.39%.

The bonds were issued on the London Stock Exchange (LSE) and the sustainability-linked portion was listed on the LSE’s Sustainable Bond Market. Previously, some countries issued Eurobonds on the Euronext or Luxembourg exchanges.

The favorable interest was possible thanks to the strong macroeconomic fundamentals of the Ivorian economy and a more disciplined budgetary management. The Debt-to-GDP of Cote d’Ivoire is less than 60%. Actually, Cote d’Ivoire is noted as BB by Fitch, BB/B by S&P, and Ba2 by Moody’s.

The financing will go to finance the National Development Plan (NDP) 2026-2030 of Côte d’Ivoire. Growth prospects look good with a GDP increase of 6.5% in 2025 and a projected 6.6% in 2026.

The bond issuance was underwritten by a consortium of companies, including BNP Paribas, Citigroup, Deutsche Bank, JP Morgan, Société Générale, Standard Chartered, and Sumitomo Mitsui Banking Corporation. Rothschild acted as the financial advisor, while Cleary Gottlieb Steen & Hamilton acted as legal counsel to the Ivorian government. White & Case provided legal support to the underwriting banks.

Investors appear to see Africa as a land of opportunity, as several African countries managed to raise capital on the international market. Thus, Kenya bought back EUR 425 million of its Eurobonds with maturity in 2028 and 2031, by reissuing new Eurobonds at a better interest rate. Similarly, the Republic of Congo and Cameroon issued Eurobonds for EUR 595 million and EUR 637 million, respectively.

This latest bond issuance by Cote d‘Ivoire comes in the wake of the recent financing of USD 1.75 billion (LSE: ZP28) plus XOF 220 billion (LSE: ZP30) in March 2025, and USD 2.6 billion, split into USD 1.1 billion of sustainability notes (LSE: BP33) and USD 1.5 billion of conventional notes (LSE: BQ51) in January 2024. Another notable parameter is the sustainability-linked feature of the financing. Cote d’Ivoire has decided to move to a Performance-Linked model whereby the interest rate will move up or down depending on whether it meets sustainability targets.

Under the Sustainability-Linked Financing framework, Cote d’Ivoire previously issued Green Bonds linked to specific environmental targets. Cote d’Ivoire targets to increase the share of renewable energy in the energy mix to 11% by 2030. Similarly, it will ensure that deforestation does not exceed 300,000 hectares for the period from 2025 to 2030, while performing reforestation of at least one million hectares by 2030.

Kenya is planning a USD 500 million Sustainability-Linked Bond (SLB) issuance in March 2025 under the framework developed by the World Bank. Several other African countries are also working with the World Bank, with the intention of issuing sovereign SLB.