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Ivory Coast dollar-bonds fall around 1 cent after unrest, gunfire
January 6, 2017 / 12:09 PM / 9 months ago

Ivory Coast dollar-bonds fall around 1 cent after unrest, gunfire

LONDON, Jan 6 (Reuters) - Ivory Coast’s dollar-denominated bonds fell across the curve on Friday after demobilised soldiers seized Ivory Coast’s second-largest city Bouake and gunfire erupted at a military camp in another town.

The 2028 bond was down 1.156 cents to trade at 99.344 cents while the 2024 and the 2032 issues slipped around 0.8 cents, according to Tradeweb data.

Ivory Coast’s average yield spread over U.S. Treasuries on the most widely used emerging market hard-currency bond index, JPMorgan’s EMBI Global Diversified, blew out by as much as 23 basis points to over 400 bps, a one-week high.

“Sub-Saharan assets have been very well bid in the past two weeks as general sentiment towards emerging markets has been quite buoyant,” said Simon Quijano-Evans, emerging markets strategist at Legal & General Investment Management.

“The overnight events in Ivory Coast are just a reminder that one always has to keep the political risk factor on the watch-list.” (Reporting by Karin Strohecker, editing by Sujata Rao)

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