The short version
Côte d'Ivoire has eleven Eurobonds: six in US dollars and five in euros. All eleven repay in instalments. Where they differ is in how those instalments are arranged, and the differences are not cosmetic — they change how much of the loan is still outstanding on any given day, which is the number the price depends on.
Most governments in this market settle on one pattern and repeat it. Côte d'Ivoire has used at least three.
Three different shapes, from one government
Three instalments, unequal. The 2015 dollar bond and the euro bonds repay in three parts, but not in thirds: 333, then 333, then 334 for every 1,000 owed. The last instalment is the biggest, by one part in a thousand.
Two instalments. The two dollar bonds sold in January 2024 repay in halves, over the final two years, not three. The Treasury's bulletin says so directly — constant sur les 2 dernières années — and the arranging bank's published description of the deal confirms it independently through the average life it quotes.
Three instalments again. The dollar bond sold in April 2025 goes back to three.
Neighbouring Kenya writes “three equal instalments” into its documents and means it. Côte d'Ivoire's prospectuses say “three instalments” and leave the word out — because the instalments genuinely are not equal. Two countries, the same three-part shape, different arithmetic, and the only clue is a missing word. A schedule copied from a neighbour is wrong here by construction rather than by accident.
The eleven bonds
In order of final maturity. The dollar bonds pay interest twice a year; the euro bonds pay once a year, which is itself a difference worth noticing.
6.375% due 3 March 2028 — three unequal instalments
The bond that shows the pattern most clearly, because its prospectus writes the three amounts out in full rather than calling them equal: “three instalments of US$333,000,000 on March 3, 2026, US$333,000,000 on March 3, 2027 and US$334,000,000 on March 3, 2028”.
It also has the most eventful history of any bond on this page. Half of it was bought back before repayment even began, in two separate operations five years apart, and one of the three instalments has since been paid.
- Coupon
- 6.375% confirmed
- Final maturity
- 3 March 2028 confirmed
- Originally issued
- US$1,000,000,000 in March 2015 confirmed
- Repayment
- Three instalments — US$333,000,000, US$333,000,000, then US$334,000,000, on 3 March in 2026, 2027 and 2028 confirmed
- Interest dates
- 3 March and 3 September confirmed
- Bought back
- US$500,000,000 — exactly half the issue, in two tender offers confirmedUS$206,108,000 settled 3 December 2020 and US$293,892,000 settled April 2025, leaving US$500,000,000 before any scheduled repayment.
- Still outstanding
- US$333,500,000 inferredArithmetic, from two confirmed figures: US$500,000,000 remained after the buy-backs, and one of three instalments has been paid. inferred
5.250% due 22 March 2030 — three unequal instalments
One of the two euro bonds sold in March 2018. Its prospectus runs to 239 pages and the detail that matters — the exact split of the three instalments — sits about 180 pages in.
- Coupon
- 5.250% confirmed
- Final maturity
- 22 March 2030 confirmed
- Originally issued
- €850,000,000 confirmed
- Repayment
- Three instalments on 22 March in 2028, 2029 and 2030 confirmedNot equal thirds. For every 1,000 owed, 333 is repaid on the first date, 333 on the second and 334 on the last.
- Interest dates
- 22 March, once a year confirmed
5.875% due 17 October 2031 — three instalments
Sold in October 2019 alongside the 2040. The 2019 prospectus is the one document in Côte d'Ivoire's euro series we have not read, so the split of this bond's three instalments is the one thing about it we cannot state.
- Coupon
- 5.875% confirmed
- Final maturity
- 17 October 2031 confirmed
- Originally issued
- €850,000,000 confirmed
- Repayment
- Three instalments on 17 October in 2029, 2030 and 2031 confirmedThe three dates are confirmed. How the amount splits between them is not — and on this issuer that is not a detail we are willing to fill in from the neighbours. not confirmed
- Interest dates
- 17 October, once a year confirmed
4.875% due 30 January 2032 — three unequal instalments
The largest of the euro bonds, and the one with the oddest start: its first interest payment covered fourteen months rather than twelve. There was no January 2021 coupon at all.
It was topped up in February 2021 and partly bought back in April 2025.
- Coupon
- 4.875% confirmed
- Final maturity
- 30 January 2032 confirmed
- Originally issued
- €1,000,000,000, plus a €600,000,000 top-up in February 2021, merged into one bond confirmed
- Repayment
- Three instalments on 30 January in 2030, 2031 and 2032 confirmedThe February 2021 prospectus states the amounts to the cent: 333.00, then 333.00, then 334.00 for every 1,000 owed.
- Interest dates
- 30 January, once a year — but the first payment was made on 30 January 2022, covering the fourteen months from 1 December 2020 confirmed
- Still outstanding
- €1,188,000,000 confirmedAfter the April 2025 buy-back of €411,660,000.
7.625% due 30 January 2033 — only two instalments
Here the pattern breaks. This bond does not repay in three parts — it repays in two, half in 2032 and half in 2033. The Treasury's own bulletin says so in three words: constant sur les 2 dernières années, constant over the final two years.
It is also the Republic's first sustainability bond, and the only bond in this list carrying that label.
- Coupon
- 7.625% confirmed
- Final maturity
- 30 January 2033 confirmed
- Originally issued
- US$1,100,000,000 confirmed
- Repayment
- Two equal instalments, in 2032 and 2033 confirmedIndependently corroborated by the arranging bank's own published description of the deal, which gives an average life of 8.5 years on a 9-year bond. Three equal instalments would have given 8.0.
- Interest dates
- Twice a year; the exact dates are not stated in any document we have reached not confirmed
6.125% due 15 June 2033 — instalments over the final three years
Sold in 2017. We have never found its prospectus, so everything here comes from the Treasury's debt bulletins. It is the only bond in this list whose identifying code itself comes from a secondary source rather than an issuer document.
- Coupon
- 6.125% confirmed
- Final maturity
- 15 June 2033 inferred
- Originally issued
- US$1,250,000,000 confirmed
- Repayment
- In equal amounts over the final three years confirmedThe shape is confirmed by the Treasury bulletins. The three exact dates are our own reading. inferred
- Interest dates
- Twice a year; the exact dates are not stated in any document we have reached not confirmed
8.075% due 1 April 2036 — three instalments
The larger half of the April 2025 deal. Back to three instalments — which is the point of this page: the count changes from deal to deal.
- Coupon
- 8.075% confirmed
- Final maturity
- 1 April 2036 confirmed
- Originally issued
- US$1,750,000,000 confirmed
- Repayment
- Three instalments over the final three years confirmedThe Treasury bulletin gives the shape — constant sur les 3 dernières années. The exact dates are our own reading. inferred
- Interest dates
- Twice a year; the exact dates are not stated in any document we have reached not confirmed
8.250% due 30 January 2037 — only two instalments
The other half of the January 2024 pair, and like its twin it repays in two parts rather than three.
- Coupon
- 8.250% confirmed
- Final maturity
- 30 January 2037 confirmed
- Originally issued
- US$1,500,000,000 confirmed
- Repayment
- Two equal instalments, in 2036 and 2037 confirmedCorroborated the same way as its twin: a published average life of 12.5 years on a 13-year bond is what two instalments give, not three.
- Interest dates
- Twice a year; the exact dates are not stated in any document we have reached not confirmed
6.875% due 17 October 2040 — three instalments
The long half of the October 2019 pair, and in the same position as the 2031: dates confirmed, split not.
- Coupon
- 6.875% confirmed
- Final maturity
- 17 October 2040 confirmed
- Originally issued
- €850,000,000 confirmed
- Repayment
- Three instalments on 17 October in 2038, 2039 and 2040 confirmedDates confirmed; the split between them is not. not confirmed
- Interest dates
- 17 October, once a year confirmed
6.750% due 25 February 2041 — the least documented bond here
Sold in February 2026. We have found no prospectus for it anywhere — not with the UK regulator, not in Ireland, not in Luxembourg, not with the Treasury. The regulator's admission notice tells us it exists, what it is called and that it repays in instalments. It does not tell us how.
So this is the one bond on the page where two things that genuinely affect the numbers are held on no documentary authority at all.
- Coupon
- 6.750% confirmed
- Final maturity
- 25 February 2041 confirmed
- Originally issued
- US$1,300,000,000 inferred
- Repayment
- Repays in instalments — the regulator's notice calls it an amortising note — but the number of instalments and their dates are not published anywhere we can find not confirmedWe hold three instalments over the final three years. Given that the 2024 pair uses two and the 2025 bond uses three, that genuinely cannot be assumed here. not confirmed
- Interest dates
- Not published. We hold twice a year; one legal description of the deal calls it “an annual coupon of 6.750%”, which is ambiguous between a yearly rate and a yearly payment not confirmed
6.625% due 22 March 2048 — three unequal instalments
The longest bond Côte d'Ivoire has outstanding, sold in March 2018 and topped up in February 2021.
- Coupon
- 6.625% confirmed
- Final maturity
- 22 March 2048 confirmed
- Originally issued
- €850,000,000, plus a €250,000,000 top-up in February 2021, merged into one bond confirmed
- Repayment
- Three instalments on 22 March in 2046, 2047 and 2048 confirmedNot equal thirds. For every 1,000 owed, 333 is repaid on the first date, 333 on the second and 334 on the last.
- Interest dates
- 22 March, once a year confirmed
- Still outstanding
- €1,100,000,000 confirmed
One structure worth understanding
The bond whose first year lasted fourteen months
The euro bond due January 2032 began paying interest from 1 December 2020, but its first payment was not made until 30 January 2022. There was no January 2021 coupon. The prospectus says so in as many words, calling it “a long first interest period”.
It is a legitimate structure and a common one for a bond sold late in a year. It matters here because it is precisely the kind of thing an automated system invents its way past: work the interest dates backwards from the maturity date, as would be natural, and you produce a January 2021 payment that never happened. The period is long since over, so nothing about today's number turns on it. We record it because the reasoning that would have got it wrong is still in use elsewhere.
What is not on this page
Côte d'Ivoire owes more than these eleven bonds
A bond sold in 2010, as part of restructuring much older debt, is still outstanding and is not on this site. Its interest rate steps up over its life, and our pricing is built for bonds with a fixed rate, so pricing it would give a wrong answer. We would rather show nothing than show that.
It is also a good illustration of why a government's own summary tables cannot establish that a list is complete: the Treasury's bond annex covers issues from 2014 onwards, so a 2010 bond is outside its scope by construction, not by omission.
Two other kinds of borrowing are correctly absent: bonds issued in CFA francs and in Japanese yen, in currencies this site does not cover.
Two different bonds are both called “the 2032”
Press coverage of a buy-back of “Côte d'Ivoire's 2032 Eurobond” means the old dollar bond in 2024 and the euro bond in 2025. They are different bonds, bought back a year apart. It is an easy pair to merge by accident, and merging them would double-count.
What we are not sure about
Three gaps in the public record, stated plainly.
Half of this bond was bought back before it began repaying
Côte d'Ivoire has twice come to the market with a new bond and used part of the proceeds to buy back this one. In November 2020 it offered to purchase up to US$825 million across three of its bonds, this one included, and settled US$496,203,914 of them on 3 December 2020. In March 2025 it did the same again, and its counsel records “6.375% amortizing notes due 2028 … amount accepted $293.89 million”.
The two operations took US$206,108,000 and US$293,892,000 respectively — together exactly half the billion originally issued. That left US$500,000,000 outstanding before a single scheduled instalment had been paid. The first instalment then fell due on 3 March 2026, taking the amount actually outstanding today to about US$333,500,000.
This is worth spelling out because the two numbers are easy to confuse, and we confused them ourselves. US$500,000,000 is the face after the buy-backs and before scheduled repayment; US$333,500,000 is what is genuinely left today. Both are correct answers to different questions, and a figure quoted without saying which one it is can be out by a third.
An earlier version of this page said about US$250,000,000 had left the bond by a route we could not document, and speculated about a single buy-back. That was wrong twice over: there were two buy-backs, not one, and together they came to twice that. Both are documented, and the second matches its published figure to the thousand. The error was ours — we had read a market data figure as the amount left today when it was the amount left after buy-backs, which is the same distinction this paragraph exists to draw.
Two euro bonds: we know the dates, not the split
For the 2031 and the 2040 we have the three repayment dates but not how the amount divides between them. The prospectus that would settle it is the October 2019 one, which we have not read.
We could reasonably assume they follow the same 333/333/334 pattern as the Republic's other euro bonds. We have not done so, and the reason is the whole point of this page: on this issuer, the assumption that the next bond looks like the last one has already been wrong once.
The 2041 has no published prospectus at all
For the bond sold in February 2026 we have searched the UK regulator's filing archive, the Irish and Luxembourg exchanges and the Treasury's own prospectus index. There is no prospectus in any of them. It appears to be genuinely unpublished rather than merely hard to find.
That leaves two things unresolved that both affect the arithmetic: how often it pays interest, and how it repays. The exchange record cannot supply either. We hold reasonable defaults, labelled as defaults, and we would rather say that than present them as terms.
Interest dates on five dollar bonds
For five of the six dollar bonds we know interest is paid twice a year but have not found a document giving the two dates. They are held as our own reading and tagged as such above.
Where every figure here comes from
No data vendor supplies the terms on this page. No Bloomberg or vendor-terminal data was used in compiling them, and none is cited. Each source below is a public document.
| What it tells us | Source |
|---|---|
| The three unequal instalments on the 2028, written out in full, and its interest dates and day-count basis | Republic of Côte d'Ivoire, Offering Circular 2015 — US$1,000,000,000 6.375% Amortizing Notes due 2028 |
| The terms of the 2030 and the 2048, their once-a-year interest, and the 333/333/334 split of their instalments | Republic of Côte d'Ivoire, Prospectus dated 20 March 2018 |
| The 2032's instalments stated to the cent, its fourteen-month first interest period, and the day-count basis for the euro bonds named outright | Republic of Côte d'Ivoire, Tap Prospectus dated 11 February 2021 |
| How each bond repays — over the final two years or the final three — and how often it pays interest | Direction Générale du Trésor et de la Comptabilité Publique, Bulletin statistique de la dette publique, Annexe C |
| The existence, name, maturity and amortising designation of the 2041, and its minimum trading size | Financial Conduct Authority, Notice of Admission to the Official List, 26 February 2026 |
| Identifiers, admission dates and instrument descriptions | London Stock Exchange instrument records; Euronext Dublin instrument pages; Luxembourg Stock Exchange records |
| Every buy-back and top-up on this page | Published descriptions of the transactions by the Republic's own transaction counsel |
| Independent corroboration that the January 2024 pair repays in two instalments rather than three, through the average life quoted for each | The arranging bank's published case study of the January 2024 deal |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
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