Ivory Coast, the world’s top cocoa producer, has overtaken South Africa to become the best-rated sovereign in sub-Saharan Africa with foreign debt outstanding.
The yield on Ivory Coast’s debt maturing in 2028 fell 13 basis points to 7.09% as of midday in London on Monday. That’s the lowest since April 15. South Africa’s dollar debt due in 2030 was trading at a yield of 6.9%, down from levels above 8.5% as recently as October. Ivory Coast broke sub-Saharan Africa’s nearly two-year lockout from international capital markets this January by selling $2.6 billion in eurobonds. The economy, one of the region’s fastest-growing, is projected by the International Monetary Fund to expand by 6.5% in 2024, up from 6.2% last year.
“The positive outlook reflects our view that, over the next 24 months, rising commodity exports could lead to a more significant reduction in external and fiscal imbalances than in our base case,” said primary credit analyst Sebastien Boreux in S&P’s statement. “This could be accompanied by high economic growth, benefiting from economic reforms, donor support, and monetary and political stability.
Source: Loan Digest (loandigest.net)
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