ABIDJAN Oct 18 Ivory Coast, Senegal and Togo
listed sukuk Islamic bonds worth 766 billion CFA francs ($1.28
billion) on the West Africa bourse on Tuesday to allow investors
to trade the securities and improve market liquidity, bourse
Two of the bonds are Senegalese, which raised 300 billion
CFA francs in 2014 and 2016. Ivory Coast raised 310 billion CFA
francs in issues in 2015 and 2016, while Togo raised 156 billion
CFA francs this year.
"This assures the liquidity of the securities and allows
investors to sell and buy them," said Edoh Kossi Amenounve,
director general of the West African bourse (BRVM) in Abidjan,
adding that the bonds were listed at 100 percent of their value.
The five bonds were unchanged at 10,000 CFA francs per bond
at the end of the listing session.
African countries are increasingly tapping the sukuk market
to fund infrastructure projects, taking advantage of rising
demand for Islamic paper among investors in the Middle East and
($1 = 597.0800 CFA francs)
(Reporting by Loucoumane Coulibaly; Editing by Matthew Mpoke
Bigg and Adrian Croft)