Cote d'Ivoire: Ivory Coast Is First in Sub-Saharan Africa to Issue ESG Samurai Bonds

18 July 2025
Daba Finance (Abidjan)

TLDR

  • Ivory Coast has issued its first Samurai bond, raising 50 billion yen ($336 million) through a 10-year note at a 2.3% coupon
  • The bond, denominated in Japanese yen and listed in Tokyo, makes the country the first sub-Saharan African sovereign with an active Samurai issuance
  • The issuance also carries an ESG label--another first for an African issuer in the Samurai bond market

Ivory Coast has issued its first Samurai bond, raising 50 billion yen ($336 million) through a 10-year note at a 2.3% coupon, the Finance Ministry said. The bond, denominated in Japanese yen and listed in Tokyo, makes the country the first sub-Saharan African sovereign with an active Samurai issuance.

The transaction was backed by the Japan Bank for International Cooperation (JBIC), which provided a partial guarantee, helping secure interest from Japanese institutional investors. The issuance also carries an ESG label--another first for an African issuer in the Samurai bond market.

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The move is part of a broader strategy by Côte d'Ivoire to diversify its funding sources. Earlier this year, the country raised $1.75 billion via a eurobond maturing in 2036, and an additional $388 million through a CFA franc-denominated issuance.

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Key Takeaways

Côte d'Ivoire's entry into the Japanese bond market marks a notable step in how African sovereigns can tap alternative pools of capital. Samurai bonds, typically accessed by countries like Brazil, Malaysia, and Egypt, offer long-term, fixed-rate financing in yen, appealing during periods of dollar volatility. The JBIC guarantee and ESG label helped attract investor demand, signaling growing appetite for Africa-linked sustainable debt instruments. This follows a broader trend where African issuers seek to diversify beyond eurobonds and concessional loans by targeting Asian capital markets. With its debt-to-GDP expected to decline to 58.1% in 2024 and economic growth forecast at 6.3%, Côte d'Ivoire is positioning itself as a credible frontier market borrower. The success of this deal could pave the way for similar ESG-labeled Samurai bonds from other African sovereigns.

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