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ABIDJAN, Feb 19 (Reuters) – Ivory Coast has raised $1.3 billion through a Eurobond issue with a final maturity of 15 years, the finance ministry said late on Wednesday, adding that the issue was oversubscribed by nearly five times.

The West African nation, which is the world’s largest cocoa producer, is a prolific issuer having been among the first to tap international markets in 2024 after a two-year hiatus for frontier African issuers caused by high interest rates.

It also issued a local currency-denominated bond in international markets last year, as it presses ahead with a push to manage liabilities through a mix of buybacks and new issues to smooth out its repayment schedule.

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The bond comes with a noticeably low interest rate of 5.39% in euros after a hedging operation, the finance ministry said, adding that the cash will be used to finance this year’s budget.

Ivory Coast is among the fastest-growing economies in the region and its international bonds are some of the best performing in Africa.

It has also diversified its funding sources in recent years with a debt-for-education swap in 2024 and sustainability-linked loan last year.

It issued an ESG-certified Japanese samurai bond last July and it is in the middle of an Asian syndicated loan debut according to IFR.