The Ivory Coast has successfully raised 40 billion CFA francs on the regional financial market through the issuance of 91-day Treasury Bonds (BAT), according to auction results released by UMOA-Titres on Tuesday, September 23, 2025.
The operation generated strong interest among investors, with bids exceeding the offer by more than double. A total of 81.55 billion CFA francs was submitted across 27 bids from 16 participants, giving the auction a remarkable coverage rate of 203.88%.
“This high demand reflects continued confidence in the Ivorian sovereign signature on the UEMOA capital market,” said a government financial official.
Geographically, the bulk of bids came from Côte d’Ivoire itself, submitting 76.35 billion CFA francs of which 37.8 billion were retained. Benin followed with offers totaling 5.1 billion CFA francs, with 2.1 billion accepted.
Burkina Faso participated modestly, successfully placing 100 million CFA francs. Other UEMOA member states, including Guinea-Bissau, Mali, Niger, Senegal, and Togo, did not participate in this issuance.
The Treasury Bills, issued with a nominal value of 1 million CFA francs per bond, offered attractive financial conditions. The weighted average yield stood at 5.94%, with a marginal rate of 6.0050% and a weighted average rate of 5.8493%, reflecting regional money market conditions and investors’ perception of Ivorian sovereign risk.
Despite the oversubscription, the authorities adhered to the planned envelope, accepting only 40 billion CFA francs. “This selectivity allowed the State to retain the best bids, with an absorption rate of 49.05%,” the official added. No allocations were made under Non-Competitive Operations, although 10 billion CFA francs had been reserved for this purpose.
This fundraising is part of Côte d’Ivoire’s ongoing public treasury management strategy and aims to finance budgetary expenditures. Short-term Treasury Bills remain a preferred instrument for institutional investors, offering security and liquidity while supporting the State’s financial needs.
The success of this auction underscores the attractiveness of Ivorian sovereign debt within the UEMOA region and highlights the government’s capacity to mobilize capital efficiently in support of national development priorities.
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