Côte d’Ivoire has made history by becoming the first sub-Saharan African country to issue its first-ever Samurai Bond, raising $336 million.
The 10-year note rated at 2.3 percent made a historical entry into Japan’s capital markets, according to its Ministry of Finance.
The yen-denominated bond—listed on the Tokyo Stock Exchange— was partially guaranteed by the Japan Bank for International Cooperation (JBIC), which played a crucial role in attracting Japanese institutional investors.
The issuance carries an Environmental, Social, and Governance (ESG) label, another first for an African issuer in this segment of the Japanese bond market.
It is part of Côte d’Ivoire’s initiatives to diversify its funding sources. Earlier in 2025, the country successfully raised $1.75 billion via a eurobond maturing in 2036, alongside a CFA franc-denominated issuance worth $388 million.
Samurai bonds—have, historically, been issued by countries like Brazil, Malaysia, and Egypt—offering long-term, fixed-rate funding in Japanese yen, making them attractive during periods of dollar volatility.
Also Read: Kenya to Price its Samurai Bond at 1%
Côte d’Ivoire is positioning itself as a credible and sustainable frontier market borrower, with its debt-to-GDP ratio projected to fall to 58.1% in 2024 and economic growth forecast at 6.3%.
The success of this issuance could pave the way for other African countries to explore ESG-labeled Samurai bonds as a viable financing tool.
In 2024, Kenya secured a partial guarantee from JBIC for up to ¥100 billion ($700 million) but has not yet issued the bonds.
The government announced plans to issue the Samurai bond, but the actual market listing and fundraising are still pending or under preparation.
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