📋 Tender Overview
The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on July 15 a set of agreements to provide a guarantee for yen-denominated foreign bonds in the Japanese bond market (Samurai Bonds*1) (Sustainability Bonds*2) issued by the government of Côte d'Ivoire. This is a privately placed issue totaling JPY50 billion. The arrangers are SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., with Sumitomo Mitsui Banking Corporation serving as a commissioned company for bondholders.
This is the first guarantee provided by JBIC for Samurai Bonds issued by a Sub-Saharan African nation, under it’s Guarantee and Acquisition toward Tokyo market Enhancement (GATE)*3 financing facility.
The government of Côte d’Ivoire formulated the Côte d’Ivoire Sustainable Bond Framework (SBF) in July 2021 and updated it in September 2023. The Framework is aligned with the Green Bond Principles and Social Bond Principles of the International Capital Market Association (ICMA). The Sustainability Bonds issued by the government of Côte d’Ivoire this time are in line with this Framework.
The government of Côte d’Ivoire announced a greenhouse gas emissions reduction target of 30.41% (compared to BaU) by 2030 under its Nationally Determined Contributions (NDC), an action plan that addresses climate change under the Paris Agreement. The government also issued its Plans Nationaux de Développement 2021-2025 (national development plan) in 2021. The plan has set forth policies aimed at promoting inclusive growth and correcting regional disparities, developing basic infrastructure such as transportation, communication, and water supply, and addressing social challenges including climate change and environmental conservation through measures including forest protection and the adoption of renewable energy. The funds raised through the issuance of the Sustainability Bonds are expected to be allocated as eligible expenditures, in accordance with the SBF, to support efforts to address social issues in Côte d’Ivoire.
JBIC and the government of Côte d’Ivoire has strengthened their relations. They signed a Memorandum of Understanding*4 in August 2022, a Heads of Agreement*5 in December 2024 to support initiatives implemented by the country, including those related to decarbonization, and a General Agreement*6 to provide a credit line under GREEN operations in May 2025. The guarantee for the issuance of the Sustainability Bonds will contribute toward the resolution of social issues of Côte d’Ivoire, thereby strengthening the cooperation between JBIC and the government. JBIC’s credit enhancement through the GATE facility for Côte d’Ivoire’s Samurai bond issuance is expected to provide broader investment opportunities for Japanese investors. It will also contribute toward maintaining and strengthening the competitiveness of Japan’s capital market and will assist Côte d’Ivoire in diversifying its sources of financing.
