Public Management

Côte d’Ivoire raised $297mln in the second covid-19 social bond issue

Tuesday, 05 May 2020 15:36
Côte d’Ivoire raised $297mln in the second covid-19 social bond issue

(Ecofin Agency) - In its second covid-19 social bond issue on the WAEMU securities market on April 4, Côte d’Ivoire successfully raised a total of CFA180 billion (about $297mln).

The 3-month treasury bills offer was oversubscribed at CFA611.751 billion (about $1 billion) per investor, making an exceptional coverage rate of 339.86%. The weighted average rate was 3.2176% and the marginal rate was 3.3498% while the weighted average yield was 3.24%.
This second operation brings to CFA360 billion (about $594 million) the amount already mobilized by the Ivorian government on the WAEMU securities market under the fight against the pandemic.

According to the provisional schedule of the covid-19 social bond issue on the market, Côte d’Ivoire is seeking CFA535 billion (about 884 million) overall in three operations. The third issue is scheduled for May 11. As a reminder, the covid-19 social bonds are designed to provide immediate financing to WAEMU countries pending the fund for the fight against the disease.

The States’ liquidity plan for debt repayment is backed by commitments from technical and financial partners. On April 17, the IMF Board approved the urgent disbursement of about $886.2 million to help Côte d’Ivoire face its urgent balance of payments needs stemming from the coronavirus.

The country also received CFA30 billion (about 49.5 million) from the Islamic Development Bank, CFA48 billion (about $79 million) from the African Development Bank, and CFA12 billion (about 20 million) in technical and financial assistance from the UN.

Borgia Kobri

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