Ivory Coast brings benchmark notes offers in dollars and euros; pricing set for Thursday

By Paul A. Harris

Portland, Ore., June 8 – Republic of Cote D'Ivoire (Ba3//B+) plans to price benchmark offerings of unsecured notes on Thursday, according to a market source.

The Rule 144A and Regulation S deal includes dollar-denominated and euro-denominated tranches, both coming in benchmark sizes but with different structures.

The dollar deal features fixed-rate amortizing notes with a final maturity of June 2033 and talked in the 6½% area, tight to initial price talk in the 6 5/8% area. It features three equal repayments, each coming on the calendar date of June 15 in the years 2031, 2032 and 2033.

The euro tranche features a straight eight-year bullet (matures June 2025) talked at 5 3/8% to 5½%, below initial price talk in the 5 5/8% area.

The dollar-denominated tranche is playing to more than $3.5 billion of orders, the source said, adding that the euro-denominated tranche is seeing more than €2.8 billion of demand.

BNP Paribas, Deutsche Bank, JPMorgan, Natixis and Standard Chartered are the joint lead managers.

Deutsche Bank will bill and deliver.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.