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WAEMU nations raised +CFA145bn on bond market last week

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(Ecofin Agency) – Countries in the West African Economic and Monetary Union (WAEMU) continue to depend on the public securities market, organized by Umoa-Titres, as a vital source of budgetary financing.

From May 27 to May 31, 2024, the UEMOA public securities market, managed by UMOA-Titres, saw significant activity. During this period, various member states raised over CFA145 billion ($239.8 million).

On May 28, Côte d’Ivoire aimed to raise CFA50 billion but received offers totaling CFA54.6 billion. The country accepted CFA50.6 billion. The issued securities included 182-day Treasury bills with a yield of 6.89%, 364-day bonds at 7.26%, and three-year bonds at 7.62%.

Mali sought to raise CFA25 billion on May 29 and mobilized CFA26 billion through 364-day Treasury bills and three-year bonds. The average yields were 9.81% for the 364-day bills and 9.74% for the three-year bonds. Mali rejected offers for five-year bonds.

On May 31, Senegal aimed to raise CFA70 billion. The Treasury accepted CFA68.5 billion out of CFA83 billion offered by investors. Rejected offers were primarily for three-year bonds from local investors. The weighted average yields for Senegalese securities were 7.51% for 364-day bills, 7.97% for three-year bonds, and 7.61% for five-year bonds. These yields were slightly higher than those of Côte d’Ivoire but significantly lower than Mali’s.

For the upcoming week, Côte d’Ivoire and Burkina Faso plan to raise CFA95 billion on June 4 and 5. Côte d’Ivoire aims for CFA65 billion, while Burkina Faso seeks CFA30 billion.

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