Côte d’Ivoire raises CFA110b on UEMOA market

Côte d’Ivoire raised 110 billion CFA francs on Tuesday on the West African Economic and Monetary Union (UEMOA) regional financial market, following an auction that attracted strong investor interest.

According to data published by Umoa-Titres, the issuance consisted of 364-day treasury bills and three- and five-year treasury bonds (OATs), for an initial amount of 100 billion CFA francs.

The operation saw total subscriptions of 138.67 billion CFA francs, representing a coverage rate of 138.67%.

Of this amount, the Ivorian treasury accepted 110 billion CFA francs, representing an absorption
rate of 79.32%, while 28.67 billion CFA francs in bids were rejected.

Five-year bonds attracted the bulk of demand, with 89.12 billion FCFA in subscriptions, all of which were accepted.

Conversely, one-year treasury bills saw no subscriptions, with the 11 billion FCFA offered being entirely rejected.

Weighted average yields were 6.44% for three-year bonds and 7.16% for five-year bonds.

Ivorian investors largely dominated this fundraising effort, submitting over 123 billion FCFA in bids, ahead of those from Senegal and Benin.

This operation comes amidst strong demand from the regional market by WAEMU member states to finance their budgetary needs and investment projects, in an international environment marked by increasingly stringent financing conditions.

ARD/te/fss/as/APA