The Republic of Côte d’Ivoire has reached a historic milestone by accessing the Japanese bond market for the very first time through the issuance of an ESG-labeled Samurai Bond¹, becoming the first Sub-Saharan African sovereign to carry out such a transaction.
The issuance, amounting to JPY 50 billion², carries a particularly attractive 2.3% coupon with a 10-year maturity. The instrument, listed on the Tokyo Stock Exchange, was subscribed by leading Japanese institutional investors engaged during a roadshow conducted by the Ivorian authorities in Japan in April 2025.

Successfully completed amid a period of volatility in international financial markets, the transaction reflects the strong confidence of Japanese investors in the creditworthiness of the Republic of Côte d’Ivoire. It also forms part of the country’s broader strategy to diversify its sources of financing and expand its investor base. Having already established a strong track record in the U.S. dollar and euro capital markets, and having pioneered the market for CFA franc-denominated Eurobonds, Côte d’Ivoire has now gained access to the Japanese yen bond market, the third-largest capital market in the world.

The transaction is distinguished by its innovative structure, featuring a guarantee provided by the Japan Bank for International Cooperation (JBIC), a Japanese institution rated A+, as well as its designation as a Sustainability Bond.