Côte d'Ivoire raised $1.3 billion on February 18, 2026 through a new 15-year international bond, marking its return to global debt markets with its lowest financing cost in five years.
The order book reached $6.3 billion, nearly five times the amount offered, with about 270 institutional investors participating. The bond was priced at a yield of 5.39% in euros after hedging exchange-rate risk.
During the day of placement, the yield tightened by 63 basis points. The bond also recorded a negative new issue premium of 25 basis points, meaning investors accepted a yield below that of Ivorian bonds already in circulation.
The transaction comes as macro indicators improve. Real GDP growth reached 6.5% in 2025 and is projected at 6.7% in 2026. The budget deficit narrowed from 4% of GDP in 2024 to 3% in 2025.
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Funds will finance the 2026 budget and support debt management through longer maturities.
Key Takeaways
Côte d'Ivoire is one of sub-Saharan Africa's most frequent international issuers. After global markets tightened in recent years, the size of the order book signals renewed appetite for African sovereign risk. The 5.39% yield stands out in a region where borrowing costs rose after 2022. Strong demand reflects fiscal consolidation and investor outreach across Europe, Asia and the Middle East. Moody's upgraded the country to BB in December, bringing it closer to investment-grade status. The economy remains driven by cocoa, oil and gold exports. Sustained access to global markets will depend on maintaining deficit control and managing external debt levels. If growth holds above 6% and deficits continue to narrow, Côte d'Ivoire could lower its risk premium further. For now, the transaction confirms that investors are differentiating among African issuers based on fiscal and macro performance.
