(Ecofin Agency) - These countries bought back CFA41 billion ($69.5 million) in debt last week on the public securities market organized by UMOA-Titres. The market continues to support the states with regular issuances, although the yields demanded by regional investors remain high.

From September 17 to 20, 2024, four countries from the West African Economic and Monetary Union (WAEMU) raised CFA143 billion (about $242 million) through public securities issuance. Senegal, Mali, Guinea-Bissau, and Côte d'Ivoire mobilized these funds to meet their immediate and medium-term cash needs. One of them, Côte d'Ivoire, also repurchased public debt amounting to CFA41.1 billion.

Guinea-Bissau: CFA11bn Raised with Record Returns

On September 17, Guinea-Bissau aimed to raise CFA10 billion through Treasury bills and ended up collecting CFA11 billion. The country saw strong demand, with a coverage rate of 147.64%. The standout was the return on the 364-day bills, which reached 10.30%, a rate rarely seen in the region and comparable to recent operations in Niger.

Côte d'Ivoire: Simultaneous Issuance and Repurchase

On the same day, Côte d'Ivoire raised CFA62.9 billion in Treasury bills and bonds, with maturities ranging from 28 days to 3 years. The average weighted returns ranged from 6.03% to 7.64%. Meanwhile, the Ivorian government repurchased short-term Treasury bills for CFA41.1 billion, with remaining maturities between 9 and 70 days. This operation was successful, with yields between 2.74% and 3.87%.

Mali: CFA25.1 Billion Raised

On September 18, Mali set out to raise CFA25 billion and successfully secured CFA25.1 billion thanks to a coverage rate of 115.27%. The average return on 140-day bills was 8.84%, while three-year bonds yielded 9.38%.

Senegal: CFA44 Billion Secured

Two days later, on September 20, Senegal closed the week with an oversubscribed auction, achieving a coverage rate of 255.78% on an initial target of CFA40 billion. Ultimately, CFA44 billion were secured. The three-year bonds offered an average weighted return of 7.85%.

For the week of September 23 to 27, Côte d'Ivoire, Burkina Faso, and Niger are already positioning themselves in the public securities market, with CFA135 billion, CFA30 billion, and CFA20 billion at stake, respectively. In total, this adds up to CFA185 billion.