Sovereign risk manager of the year: Côte d’Ivoire Direction Générale des Financements

Risk Awards 2025: Dual-tranche $2.6 billion deal enables African sovereign to refinance costly private loans and improve debt sustainability

Lanciné Diaby

As bond issuances go, Côte d’Ivoire’s $2.6 billion deal last January was quite a statement.

The bond was the largest ever by a sub-Saharan African sovereign. It was Côte d’Ivoire’s first US dollar issuance since 2017, and was coupled with a cross-currency swap to reduce foreign currency risk against the West African franc, which is pegged to the euro. It was also the first bond issued by Côte d’Ivoire to have an environmental, social and governance (ESG) component.

The bumper deal can be traced

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