Adds particulars, background ABIDJAN, Nov 25 (Reuters) - Iv
Adds particulars, background
ABIDJAN, Nov 25 (Reuters) – Ivory Coast’s Eurobond sale this week, sub-Saharan Africa’s first of the pandemic period, raised 1 billion euros ($1.19 billion) and was 5 instances oversubscribed, the federal government mentioned on Wednesday.
The yield of the bond was round 5% and the funds will go towards filling the 2020 finances deficit, authorities spokesman Sidi Toure advised reporters.
Sub-Saharan Africa had seen no debt gross sales since Ghana and Gabon offered debt earlier within the 12 months, earlier than the coronavirus pandemic ripped by means of world markets. Zambia turned the area’s first sovereign default earlier this month.
Extra susceptible issuers within the area, resembling Angola or Mozambique, would battle to faucet markets, nonetheless dealing with elevated borrowing prices.
(Reporting by Loucoumane Coulibaly; Writing by Aaron Ross Enhancing by Bate Felix)
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