The Government of Côte d’Ivoire has launched a Maturity Profile Restructuring (APE) operation, running from 24 February to 9 March, aimed at offering investors the opportunity to exchange securities due between 11 February and 31 July 2026 for new bonds with longer maturities. With a total value of 400 billion CFA francs, the operation forms part of a proactive approach to active debt management, with the main objective of reducing pressure on short-term cash flow, smoothing the repayment profile and optimising the structure of domestic debt. It also enables investors to automatically reallocate their principal repayments towards new securities, without any additional outlay, whilst maintaining greater visibility over future cash flows.
From a technical perspective, the exchange involves the total or partial amount of the payment due (principal and/or interest) from 11 February to 31 July 2026 in exchange for the new securities on offer. The new bonds on offer are the 5.85% TPCI 2026–2033 and the 6.00% TPCI 2026–2036, with maturities of 7 and 10 years respectively, thereby deepening the Ivorian sovereign yield curve. The ex-dividend, settlement and delivery dates are set for within three working days of the close of the transaction. Against a regional backdrop characterised by high financing needs and an increased focus on debt sustainability, this transaction appears to be a positive signal for the market, reconciling fiscal discipline, the preservation of investor liquidity and the strengthening of the credibility of Côte d’Ivoire’s sovereign credit rating.
(Source: FGI Studies and Research – Information Note on the State of the APE in Côte d’Ivoire)