Ivory Coast’s $2.3 billion of defaulted Eurobonds are surging the most since they were sold a year ago as rebel fighters take control of the key cocoa- exporting port of
San Pedro.
The bonds due in 2032 bonds advanced 4.6 percent to 44.638 cents on the dollar at 9:58 a.m. in London, heading for the biggest weekly advance since last April at 16 percent. The price is the highest since December.
Forces loyal to
Alassane Ouattara, the internationally recognized winner of disputed presidential elections, seized the second-biggest port in the world’s largest cocoa producer, “without fighting,” Meite Sindou, spokesman for Ouattara’s Prime Minister
Guillaume Soro, said in a phone interview late yesterday. The
United Nations has imposed sanctions on incumbent leader
Laurent Gbagbo and urged him to give up power.
“Gbagbo’s days are numbered and we shall know either way in a few days or weeks once the situation is resolved,”
Stuart Culverhouse, the London-based chief economist at Exotix Ltd., said in a phone interview today.
“The speed of the military advance has probably taken a lot of people by surprise over the last few days” and investors will “look favorably” on a government led by Ouattara to make the missed coupon payments ...
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