Ivory Coast Issues a 20-Year Bond, a First for the Region

A graph of the yield curve with an arrow indicating an extension of the maturity.

AFRICAN STOCKS AND FINANCEOctober 6, 2026 at 6:00 PM UTC

TLDR

Côte d'Ivoire issued a 20-year Treasury-Equivalent Bond (OAT) on the UMOA market.
This transaction, the first of its kind in the region, raised 50 billion CFA francs with a coupon rate of 6.25%.
It boosts investor confidence and opens up new opportunities for the regional financial market.

Côte d'Ivoire issued a 20-year Obligation Assimilable du Trésor (OAT) on the West African Monetary Union (UMOA) government securities market. The issuance took place on Tuesday, October 6, 2026. This marks the first time an issuer from the Union has borrowed over such a long term on the regional financial market.

The issuance was conducted via auction, raising 50 billion CFA francs. The bonds carry a competitive coupon rate of 6.25%. Unlike bond issues placed through syndication on the Regional Stock Exchange (BRVM), the principal of these OATs is repaid in a lump sum at maturity. This feature contributes to making long maturities rarer in a regional market still dominated by banks.

The transaction raised 50 billion CFA francs at an interest rate of 6.25%. Previously, Côte d’Ivoire had already issued two 15-year bonds maturing in 2025, totaling 55.5 billion CFA francs, which were at the time the debt instruments with the longest maturities. The International Monetary Fund (IMF) downgraded the country’s debt risk from “moderate” to “low” last June.

By extending the maturity to 20 years, Côte d'Ivoire has taken another step toward lengthening the yield curve in local currency. This confirms its pioneering role in the sophistication of the regional financial market and demonstrates investor confidence in its creditworthiness over the very long term. The National Social Security Fund (CNPS) was the lead investor in this issuance, demonstrating its ability to invest over long time horizons.

This transaction is part of Côte d’Ivoire’s strategy to gradually extend the maturity and reduce the costs of its borrowing in the capital markets. The country thus joins the select group of issuers capable of financing themselves over the very long term in local currency, such as South Africa. Broadening the investor base—particularly through pension funds such as the CNPS—could help other countries in the subregion strengthen the sustainability of their debt.

Key Takeaways

This 20-year bond issue by Côte d'Ivoire marks a historic milestone for the West African Monetary Union (UMOA) government securities market, as it is the first of this maturity in the subregion. It is part of the country’s broader strategy to optimize its debt by extending borrowing maturities while reducing costs—an approach already evident in the 15-year issues in 2025. The transaction demonstrates increased investor confidence in Côte d’Ivoire’s financial strength, as its credit profile has improved, with a sovereign rating among the highest in sub-Saharan Africa and a risk of over-indebtedness reclassified as “low” by the IMF. The significant participation of the National Social Security Fund (CNPS) as a lead investor is crucial. It underscores the growing role of social security institutions—which have financial surpluses thanks to reforms—in long-term government financing. This dynamic is essential for the development of the regional financial market, as it broadens the investor base beyond traditional banks. By offering instruments with longer maturities, Côte d’Ivoire is paving the way for other UMOA countries to diversify their funding sources and improve the sustainability of their public debt, drawing inspiration from models such as South Africa, which regularly issues bonds with maturities of more than 20 years in local currency.

Côte d'Ivoire

UMOA

Obligation

Dette publique

Marché financier

CNPS

Investissement

Long terme