Côte d’Ivoire's Sustainable Bond Market Issuance

This case study outlines how the Republic of Côte d’Ivoire utilized the London Stock Exchange’s Sustainable Bond Market to access international sustainable finance. Following the challenges posed by the Covid pandemic, rising interest rates, and inflation, Côte d’Ivoire sought to diversify its investor base and explore market appetite for its first benchmark sustainability bond. The country planned to issue a $1.1 billion sustainable bond and a $1.5 billion conventional bond, leveraging a sustainable financing framework aligned with the International Capital Market Association’s Sustainable Bond Principles. The decision to list in London was influenced by the visibility of the Sustainable Bond Market among ESG-focused investors and the flexibility of the prospectus exempt route. The issuance attracted over $8 billion in orders, marking a significant milestone for West African sovereign debt and enabling Côte d’Ivoire to achieve favorable pricing in the international capital markets.