Côte d'Ivoire Launches Groundbreaking US$2.1 Billion Bond Issuance

Deal News | Apr 10, 2025 | White & Case LLP

Côte d'Ivoire Launches Groundbreaking US$2.1 Billion Bond Issuance

White & Case LLP has advised a consortium of major banks, including BNP Paribas, Citigroup, Deutsche Bank, J.P. Morgan, Société Générale, and Standard Chartered, in managing the Republic of Côte d'Ivoire's notable US$2.1 billion bond issuance and tender offer. The issuance includes two tranches: a US$1.75 billion portion with a duration until 2036, at an 8.075% yield, and a CFAF220 billion (approx. $335 million) portion until 2028, at 6.875%, marking the first CFA Franc-denominated sovereign bond issued globally. The funds will assist Côte d'Ivoire in buying back some of its Eurobonds and easing other debts. White & Case's legal team, coordinated from their Paris office, includes partners Olga Fedosova, Max Turner and Neil Clausen among others, underscoring the firm's ongoing advisory role to the Republic for nearly a decade.

Sectors

  • Corporate Finance
  • Legal Services
  • Investment Banking

Geography

  • Republic of Côte d'Ivoire – The issuer of the bonds and the main geographical focus of the article.
  • West Africa – Region relevant due to the CFA Franc denomination in the bond issuance.
  • Global – The transaction involves international markets and global financial institutions.

Industry

  • Corporate Finance – The article discusses the issuance of bonds, a common financial instrument used within corporate finance to raise capital.
  • Legal Services – The advisory role of White & Case LLP in facilitating the bond issuance highlights the legal services industry's involvement in complex financial transactions.
  • Investment Banking – The participation of banks like BNP Paribas and Citigroup as joint lead managers signifies the investment banking sector's role in underwriting and managing bonds.

Financials

  • US$2.1 billion – Total amount of the dual tranche bond issuance by Côte d'Ivoire.
  • US$1.75 billion – Principal amount of the first tranche, maturing in 2036, with an annual coupon of 8.075%.
  • CFAF220 billion – Principal amount of the second tranche, approximately US$335 million, maturing in 2028, with an annual coupon of 6.875%.

Participants

NameRoleTypeDescription
Republic of Côte d'IvoireIssuerGovernmentThe government entity issuing the bonds to raise capital.
White & Case LLPLegal AdvisorCompanyA global law firm advising on the bond issuance and tender offer.
BNP ParibasJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
Citigroup Global Markets LimitedJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
Deutsche Bank AG, London BranchJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
J.P. Morgan Securities plcJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
Société GénéraleJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
Standard Chartered BankJoint Lead ManagerCompanyOne of the banks managing the bond issuance.
Olga FedosovaPartnerPersonLed the legal team at White & Case LLP advising on the transaction.
Max TurnerPartnerPersonLed the legal team at White & Case LLP advising on the transaction.
Neil ClausenPartnerPersonPart of the advisory team at White & Case LLP from the Houston office.