Finance

WAEMU: Petro Ivoire issues bonds to raise XOF30 bln

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

(Ecofin Agency) - 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). 



 
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