Côte d’Ivoire breaks new ground with first 20-year bond on regional debt market

Côte d’Ivoire has broken new ground on the West African regional debt market by issuing its first 20-year Treasury bond, extending the maturity of local-currency borrowing beyond the previous 15-year record and attracting strong investor interest.

The operation was conducted on Tuesday, October 6, through an auction on the UMOA-Titres public securities market. The 20-year bond, with a maturity of 240 months and an annual coupon of 6.25%, matures on October 7, 2046. The government retained 50 billion CFA francs ($89 million) on this tranche.

The 20-year bond was part of a broader 80 billion CFA franc issuance combining Treasury bills and bonds with maturities ranging from one to 20 years. Alongside the new long-term bond, Côte d’Ivoire offered three-year, five-year and seven-year Treasury bonds, carrying annual interest rates of 5.20%, 5.45% and 5.70%, respectively.

The 20-year tranche attracted particularly strong interest from investors. According to market reporting, demand for this maturity reached nearly 52 billion CFA francs, highlighting investors’ willingness to commit funds to Côte d’Ivoire for an unusually long period.

The bond has a nominal value of 10,000 CFA francs and will pay interest annually. The principal will be repaid in full at maturity, rather than gradually over the life of the bond.

The strong demand is significant because long-term local-currency financing remains relatively uncommon in the region. Before this operation, the longest maturities issued on the UMOA-Titres market were 15-year bonds. Côte d’Ivoire had issued two such 15-year bonds in 2025, for a combined 55.5 billion CFA francs.

The new issue therefore extends the regional yield curve and gives institutional investors with long-term liabilities, such as pension funds, an additional instrument in which to invest.

The transaction comes as Côte d’Ivoire's debt profile has improved. In June, the International Monetary Fund classified the country as being at a “low” risk of debt distress, the first such classification for a sub-Saharan African economy. Côte d’Ivoire’s public debt ratio stood at 57.6% of GDP in 2025 and is projected by the IMF to decline toward 45% by 2031.

The country has also progressively increased the maturity of its domestic borrowing while seeking to contain financing costs. Its strategy includes diversifying funding sources and extending access to longer-term financing in both domestic and international markets.

The 20-year transaction could therefore be seen as more than a single fundraising operation. It demonstrates that the regional market is beginning to accommodate longer-term borrowing in local currency and that investors are prepared to take on longer maturities for issuers considered sufficiently credible.

The transaction also has implications beyond Côte d’Ivoire. A deeper pool of investors capable of holding long-term securities could allow other governments in the West African Monetary Union to extend the maturity of their own debt and reduce their reliance on shorter-term refinancing.

The development of longer-dated securities is particularly important for governments seeking to better match the duration of their borrowing with the long-term nature of infrastructure and development projects.

For Côte d’Ivoire, the 20-year bond marks a new step in the development of its domestic debt market. For the wider UMOA-Titres market, it establishes a new benchmark for long-term financing in CFA francs.