Cote d’Ivoire Issues First Samurai Bond from Africa

According to a communique from the Ministry of Finance & Budget of Cote d’Ivoire dated 17th July 2025, the Republic of Cote d’Ivoire has successfully issued Samurai Bonds on the Tokyo Stock Exchange. The Bonds are #ESG-compliant and qualify as #SustainableBonds. It is also worth noting that they are the first Samurai Bonds from an African country traded on the Tokyo Stock Exchange (JPX).

The Samurai Bonds are targeted to raise capital to the tune of JPY 50 billion (FCFA 200 billion or EUR 300 million) with an interest of 2.3% and a 10-year maturity term. Several Japanese institutional investors subscribed to the instrument following a promotional roadshow in Japan by the Ivorian authorities during April 2025.

The Samurai Bonds from Cote d’Ivoire represents a growing momentum to diversify sources of financing from African countries. Traditionally seeking financing in US Dollars and Euros, Cote d’Ivoire is now accessing the Yen-denominated bond market, which is the 3rd largest in the world.

The Bonds are insured via the Japan Bank for International Cooperation (JBIC) which is rated with an A+ notation. This particular issue of Bonds is also an indication of the interest and commitment of Japan in providing more finance options to Africa.