Ivory Coast bond rises on attack on presidential palace

LONDON, April 5 (Reuters) – Ivory Coast’s defaulted $2.3
billion bond rose above 50 cents on the dollar on Tuesday as
forces loyal to Ivory Coast’s presidential claimant launched a
major assault on the presidential palace, raising expectations
of payment on the bond.

The 2032 bond rose 1.2 points to 50.2 and its yield fell 0.3
percent to 12.73 percent (XS0496488395=R: Quote, Profile, Research), its lowest since
mid-December, according to Reuters data, as expectations grew
that incumbent Laurent Gbagbo would soon be ousted by rival
Alassane Ouattara.

The latter, internationally recognised as the winner of the
Nov. 28 election in the world’s top cocoa producer, is seen as
more likely to pay out on the defaulted bond. Ivory Coast missed
a $29 milllion interest payment at the end of January.

(Reporting by Carolyn Cohn; editing by Caroline Copley)

Ivory Coast bond rises on attack on presidential palace