ABIDJAN – Ivory Coast, Senegal and Togo listed sukuk Islamic bonds worth 766 billion CFA francs ($1.28 billion) on the West Africa bourse on Tuesday to allow investors to trade the securities and improve market liquidity, bourse authorities said.
Two of the bonds are Senegalese, which raised 300 billion CFA francs in 2014 and 2016. Ivory Coast raised 310 billion CFA francs in issues in 2015 and 2016, while Togo raised 156 billion CFA francs this year.
“This assures the liquidity of the securities and allows investors to sell and buy them,” said Edoh Kossi Amenounve, director general of the West African bourse (BRVM) in Abidjan, adding that the bonds were listed at 100 percent of their value.
The five bonds were unchanged at 10,000 CFA francs per bond at the end of the listing session.
African countries are increasingly tapping the sukuk market to fund infrastructure projects, taking advantage of rising demand for Islamic paper among investors in the Middle East and southeast Asia.
($1 = 597.0800 CFA francs)
(Reporting by Loucoumane Coulibaly; Editing by Matthew Mpoke Bigg and Adrian Croft)