Member states of the West African Monetary Union (UMOA) have set an ambitious schedule of auction-based bond issuances for the period from May to July 2026, with a total volume of 3,176.42 billion CFA francs to be raised on regional financial markets.
With 782.49 billion CFA francs to be raised over the entire period, Niger stands out as the primary borrower. The bulk of these funds will come from Treasury bonds (OATs), notably through a flagship issuance of 386.68 billion CFA francs scheduled for May.
This dominant position should, however, be viewed in context: Niger is focusing its issuances on short- to medium-term maturities, notably including a two-year OAT series, initially planned for three years.
Côte d’Ivoire plans to raise 890 billion CFA francs over the period, the highest cumulative amount. Ivory Coast’s strategy stands out for its regularity, with three to four auctions per month and amounts ranging from 80 to 110 billion CFA francs per issue, combining Treasury Assimilable Bonds (BAT) and OATs with maturities of up to seven years.
Senegal expecting a sharp acceleration in July
With 574 billion CFA francs to be raised over the period, Senegal expects activity to ramp up in July. In particular, the country is planning a special issuance of 200 billion CFA francs on July 17, comprising 70 billion in one-year BATs and 130 billion in three- and five-year OATs. This will be the largest single issuance of the quarter.
Mali (345.41 billion CFA francs) and Burkina Faso (295 billion CFA francs) are also maintaining a steady pace, with bi-monthly issuances balanced between BATs and OATs. Togo (147.5 billion CFA francs) rounds out the picture with more modest but regular operations.
Benin and Guinea-Bissau: more limited needs
Benin (62 billion CFA francs) and Guinea-Bissau (80 billion CFA francs) posted the lowest volumes. Benin stands out for its exclusive use of very short-term BATs (three-month and six-month), while
Guinea-Bissau combines BATs and three-year OATs.
The month of May alone accounted for 1,335.92 billion CFA francs in issuances, or 42% of the quarterly total. July followed with 980.5 billion CFA francs, while June brought up the rear with 860 billion CFA francs.
This pace reflects the significant financing needs of national budgets during this period.
ARD/te/fss/as/APA