Finance

WAEMU: Petro Ivoire issues bonds to raise XOF30 bln

WAEMU: Petro Ivoire issues bonds to raise XOF30 bln
Wednesday, 07 December 2022 15:25

Petro Ivoire intends to pay close to XOF9.7 billion (about US$15.5 million) interest overall on the 7-year bond.  

Oil products distribution company Petro Ivoire launched, today (December 7), a bond issuance operation to raise XOF30 billion. The 7-year bond (with a two-year deferred period) will yield 6.8% annually and, over the period, Petro Ivoire will distribute nearly XOF9.7 billion ( US$15.5 million) in interest, according to the amortization schedule. Each of the bonds costs XOF10,000 with minimum increments of  XOF100,000. 

In 2023, it will pay XOF2.03 billion, then XOF2.04 billion the following year. In 2025, it will start paying both the amortized principals, combining the principals with interest. 

This is a real opportunity for investors, who are prepared for the operation. Indeed, it was announced recently and the subscription period is relatively short (December 7 to 20). Only institutional investors, banks, insurance companies, retirement funds, and a few individuals with adequate savings will have the flexibility to invest in that operation. 

The yield is seemingly high and Petro Ivoire justifies it with the need to invest and improve productivity and its leadership position, notably in the Ivorian gas market. 

The company has received a positive rating from West African rating agencies. Indeed, it has solid prerequisites, with a turnover that jumped almost 40% in 2021 to XOF173 billion FCFA. That turnover is also its highest since 2016. But it also faces significant expenses if we look at a gross operating income ratio that was 6% in 2021, down from 2020; 2022 numbers are not yet known.

Its syndicate of underwriters consists of more than 30 investment companies present in the whole WAEMU region (except in Guinea-Bissau). 

On the same topic
WAEMU banking liquidity increased by CFA1,700 billion ($3.02 billion) in one year, according to BCEAO Governor Jean-Claude Kassi...
First National Bank Ghana secures $20 million BII loan to expand MSME lending Partnership targets wider credit access for MSMEs, key drivers of...
Nigeria lifts cash-deposit cap but keeps strict withdrawal limits with fees Banks face new reporting rules as CBN targets security, cost cuts and...
New law revises construction code and tightens insurance obligations All builders must obtain all-risk site coverage and 10-year liability...
Most Read
01

Camtel to launch Blue Money in 2026, entering Cameroon’s crowded mobile money market led by MTN Mo...

Cameroon: State Owned Telecommunication Company To Enter Mobile Money Market
02

Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges...

Major Tech Reforms Needed for Francophone SSA to Attract More Investment, Report Says
03

Kossi Ténou succeeds Badanam Patoki as president of the AMF-UMOA. Ténou brings over 20 years of e...

Togo’s Kossi Ténou Appointed President of AMF-UMOA
04

This week in African health news: Global measles cases have dropped nearly 80 percent since 2000, bu...

Measles Cases Drop 80%, Ethiopia's Marburg Response and Cholera in DRC (Weekly Health Update)
05

Maersk will resume transit through the Suez Canal from December 2025 after a two-year diversion. ...

Maersk to Resume Suez Canal Transit in December
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.