LONDON, Nov 24 (Reuters) - Ivory Coast has launched the
first sub-Saharan Africa pandemic-era Eurobond sale on Tuesday
as developing issuers dive into global capital markets to
benefit from this year's plunge in interest rates during the
Initial pricing for the west African country's
euro-denominated bond maturing in 2032 stood at 5.5%, according
to a lead banker. The sale of the benchmark-sized bond is
expected to be finalized later in the day.
In a statement on Monday, the finance ministry said it
planned to issue new bonds as well as tender $825 million of
outstanding ones and has mandated BNP Paribas, JPMorgan
Securities and Standard Chartered Bank for the transaction.
Sub-Saharan Africa has seen no debt sales since Ghana and
Gabon sold debt earlier in the year, before the coronavirus
pandemic ripped through global markets, while Zambia became the
region's first sovereign default earlier this month.
(Reporting by Karin Strohecker in London; Editing by Tom