Cote d’Ivoire

Cote d’Ivoire

BRVM bourse comes home from 16 May

West Africa’s Bourse Regionale des Valeurs Mobilieres BRVM regional stock exchange is to move trading operations back to Cote d’Ivoire next Monday (16 May), after moving to Mali to avoid a violent political crisis.

Cote d’Ivoire

Bonds soar, cocoa prices fall as CI rebels advance fast

Rebels in Cote d’Ivoire made rapid advances towards Abidjan yesterday (30 March), where fighting could be fierce. Prices rallied yesterday on the €2.3 Eurobond and Bloomberg reported a 7% climb to 42.688 cents in the dollar nominal value, while cocoa prices fell $70.

Cote d’Ivoire

Rebel advances in CI boost Eurobond prices

Rebel advances in Cote d’Ivoire are boosting the price of the country’s €2.3 bn Eurobond, which are in default since 1 Feb, in London trading. According to Bloomberg today (30 Mar), the advance boosted the dollar-denominated bonds to their highest in at least 2 months as they climbed 4.2% to 39.875 % of face value last night.

Cote d’Ivoire

BRVM flees war and restarts trading from Mali

West Africa’s regional stock market the Bourse Regionale des Valeurs Mobilieres (BRVM) has started trading from a new base in Bamako, Mali, after leaving Cote d’Ivoire because of the political crisis. Trading restarted in the new office on 1 March, but volumes are much lower.

Cote d’Ivoire

Cote d’Ivoire defaults on $2.3bn Eurobonds

Cote d’Ivoire has formally reneged on $2.3 billion of Eurobonds, becoming the first nation to default since Jamaica in January 2010. The default comes after it was unable to pay $29 million of interest which had become due and after a 30-day grace period had expired. However, the market appears to have faith the crisis will eventually end.

Cote d’Ivoire

Bad news on Cote d’Ivoire blockade again hurts bond prices

This afternoon (5 Jan) the yield on the Cote d’Ivoire US dollar-denominated sovereign bonds climbed back up 60 basis points to 15.68%, according to Bloomberg, after reaching 16.19% on 4 January, as news came that there is no let-up in the political crisis.

Cote d’Ivoire

Yields climbing on Cote d’Ivoire international $2.3 bn bond

Markets are nervous about the Cote d’Ivoire bond, worried that the country may not meet a payment deadline. Reuters reports today (27 December): “Ivory Coast’s $2.3 billion bond due in 2032 fell to a record low last week as investors worried the country would not meet a $30 million bond payment.”

Cote d’Ivoire

Institutions react to Cote d’Ivoire crisis

Markets are reacting quickly to the news that Laurent Gbagbo was sworn in as president of Cote d’Ivoire on Saturday (4 Dec). The World Bank and African Development Bank on Sunday said in a joint statement: “The African Development Bank and the World Bank, longstanding multilateral development partners of Côte d’Ivoire, view with great concern and frustration the events unfolding in Côte d’Ivoire.”

Capital raising

Investors back $ billions of African bonds

Interest in African sovereign debt has been climbing again in recent months. Angola plans to issue a $1 billion – $2 billion benchmark bond., Kenya, Nigeria and Mauritius and many other countries have flourishing debt markets and international interest is good in high-yielding hard-currency bonds such as those issued by the Republic of Congo and Cote d’Ivoire.