Ivory Coast is First in Sub-Saharan Africa to Issue ESG Samurai Bonds
TLDR
- Ivory Coast has issued its first Samurai bond, raising 50 billion yen ($336 million) through a 10-year note at a 2.3% coupon
- The bond, denominated in Japanese yen and listed in Tokyo, makes the country the first sub-Saharan African sovereign with an active Samurai issuance
- The issuance also carries an ESG label—another first for an African issuer in the Samurai bond market
Ivory Coast has issued its first Samurai bond, raising 50 billion yen ($336 million) through a 10-year note at a 2.3% coupon, the Finance Ministry said. The bond, denominated in Japanese yen and listed in Tokyo, makes the country the first sub-Saharan African sovereign with an active Samurai issuance.
The transaction was backed by the Japan Bank for International Cooperation (JBIC), which provided a partial guarantee, helping secure interest from Japanese institutional investors. The issuance also carries an ESG label—another first for an African issuer in the Samurai bond market.
The move is part of a broader strategy by Côte d’Ivoire to diversify its funding sources. Earlier this year, the country raised $1.75 billion via a eurobond maturing in 2036, and an additional $388 million through a CFA franc-denominated issuance.
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Key Takeaways
Côte d’Ivoire’s entry into the Japanese bond market marks a notable step in how African sovereigns can tap alternative pools of capital. Samurai bonds, typically accessed by countries like Brazil, Malaysia, and Egypt, offer long-term, fixed-rate financing in yen, appealing during periods of dollar volatility. The JBIC guarantee and ESG label helped attract investor demand, signaling growing appetite for Africa-linked sustainable debt instruments. This follows a broader trend where African issuers seek to diversify beyond eurobonds and concessional loans by targeting Asian capital markets. With its debt-to-GDP expected to decline to 58.1% in 2024 and economic growth forecast at 6.3%, Côte d’Ivoire is positioning itself as a credible frontier market borrower. The success of this deal could pave the way for similar ESG-labeled Samurai bonds from other African sovereigns.
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