• Côte d’Ivoire issued a ¥50 billion ($336.2M) Samurai bond, first for sub-Saharan Africa
• The 10-year, 2.3% ESG-labeled bond was backed by JBIC and drew strong demand
• Part of broader 2025 strategy, including $1.75B eurobond and CFA 220B local issuance

Côte d'Ivoire’s Ministry of Finance announced on Thursday, July 17, 2025, the country successfully issued a 50 billion yen Samurai bond, approximately $336.2 million, marking its first entry into the Japanese bond market. This achievement is also a first for a sub-Saharan African nation.

The issuance places Côte d'Ivoire among other countries that have accessed Japan’s capital markets. These include Australia in 1972, Mexico in 1972, Brazil in 1973, Malaysia in 2019, Egypt in 2022 and 2023, Indonesia, and Romania in 2024.

Samurai bonds are yen-denominated bonds listed on the Tokyo Stock Exchange, exclusively for foreign borrowers looking to diversify their funding. Côte d'Ivoire’s bond carries a fixed interest rate of 2.3% over 10 years. It attracted strong interest from Japanese institutional investors during a roadshow conducted by Ivorian officials last April.

This transaction is part of Côte d'Ivoire’s broader strategy to diversify its external financing. Earlier this year, the country raised $1.75 billion through a eurobond issuance in March, maturing in 2036. Additionally, it secured 220 billion CFA francs, or $388 million, through a CFA franc-denominated issuance, distinct from a hard currency eurobond.

The Japanese bond also received an environmental, social, and governance, or ESG, label. This is a first for an African issuer in this segment, supported by a partial guarantee from the Japan Bank for International Cooperation, an A+-rated institution that enhanced the operation’s credibility.

Amid volatile international markets, this bond issuance signals a significant shift in how African countries can access alternative financing.

Fiacre E. Kakpo