On December 10, 2024, the State of Côte d’Ivoire carried out an issue of Treasury Bills and Bonds (BAT/OAT) on the financial market of the West African Economic and Monetary Union (WAEMU).
The auction, for a total amount of 75 billion FCFA, was largely oversubscribed, with bids reaching 76.348 billion CFA francs, representing a coverage rate of 101.80 percent. Of this amount, 68.698 billion CFA francs were actually retained, representing an absorption rate of 89.98 percent.
The portfolio included two short-term Treasury Bills – one with a maturity of 182 days and an attractive fixed rate of 5.70 percent, and the other with a maturity of one year offering a slightly higher yield of 5.90 percent – supplemented by a particularly rich tranche of ‘Obligations Assimilables du Tresor’ (Treasury bonds, OAT).
These three OATs, staggered over horizons of 3, 5 and 7 years, were structured with fixed rates of 6 percent and weighted average yields strategically ranging from 6.62 percent to 7.62 percent, thus offering investors a range of products adapted to different risk profiles and investment horizons.
Côte d’Ivoire took the lion’s share of this, capturing the majority of subscriptions, particularly for the 5-year OATs (33.706 billion CFA francs) and 7-year OATs (11.682 billion CFA francs).
Other countries in the region such as Benin, Burkina Faso, Senegal and Togo also participated to varying degrees.
ARD/te/fss/as/APA