White & Case LLP has advised BNP Paribas, Citigroup and Deutsche Bank, as Joint Lead Managers and Joint Bookrunners, on the issuance by the Republic of Cote d’Ivoire of US$1 billion 144A/Reg S amortizing bonds due 2028 with an annual coupon of 6.375 percent and a re-offer yield of 6.625 percent.

The bonds will be repaid in three instalments of US$333 million, US$333 million and US$334 million in March 2026, March 2027 and March 2028 respectively. Rothschild acted as financial advisor to the Cote d’Ivoire on this transaction.

The offering, which was part of the Cote d’Ivoire’s national development plan, attracted very strong demand from a diversified global investor base and was nearly four times oversubscribed. This transaction also represents the longest maturity for a sovereign issuance on primary markets in Sub-Saharan Africa, excluding South Africa.

White & Case previously advised the above-mentioned bank group on the Cote d’Ivoire’s inaugural, US$750 million international bond issuance in July 2014.

The White & Case team which advised on the transaction was led by partners Doron Loewinger, Stuart Matty (both London) and Cenzi Gargaro (Paris) with support from associates Paul Gallup, Mariya Azbel (both London) and Isabelle Touré-Farah (Paris).