Whilst just obtaining from China a FCFA 488 billion funding it will invest in its power sector, Côte d’Ivoire just wrote off a bond issuance worth FCFA 130 billion initially planned in December, Ivorian daily Le Patriote reported on December 16.

Saying the cancellation was due to the “improvement of state’s treasury”, the newspapers highlighted that Director General of Treasury and Public accountancy informed the West African Regional Planning Agency for UMOA-Securities debt about it.

UMOA-Securities has, on December 11, in turn published a notice to investors notifying them about Côte d’Ivoire’s decision to cancel the bond issuance.

Côte d’Ivoire decision to write off the issuance failed not to raise many questions. Some believe it is due to US recent rate hike (announced on December 16) which could pull investors away from developing economies. Others believe Côte d’Ivoire’s choice is due to the fact that it has solicited the sub-regional financial market on too many occasions over the past months. The country has indeed, recently issued a bond worth 150 billion FCFA (244 million USD). The transaction which was to be completed this December 21 followed another bond issuance for FCFA 50 billion on November 3 and another of 150 billion FCFA last September 8.