The Ivorian government successfully raised nearly 110 billion CFA francs during a public auction of Treasury bills and similar bonds on Monday, August 19, 2025, organized by Umoa-Titres.
The operation, initially targeting 100 billion CFA francs, attracted strong investor demand, with total subscriptions reaching 131.053 billion CFA francs — a coverage rate of 131.05%. This oversubscription highlights continued investor confidence in Ivorian sovereign securities and the country’s creditworthiness.
The issuance was structured across four tranches, spanning short-term 364-day Treasury bills to long-term seven-year bonds, offering fixed interest rates between 5.45% and 5.95% depending on maturity. The value date for these instruments was set for August 20, 2025.
Participation was overwhelmingly domestic, with Côte d’Ivoire accounting for more than 97% of total submissions — 127.75 billion CFA francs. Other West African Economic and Monetary Union (WAEMU) countries had minimal involvement, with only Benin and Mali participating modestly in short-term instruments.
Weighted average yields proved attractive to investors, ranging from 6.61% to 7.42% depending on the maturity period, reflecting both market conditions and the perceived risk associated with Ivorian debt.
With an overall absorption rate of 83.93%, the auction underscores the state’s ability to mobilize regional savings to meet budgetary needs. Analysts suggest that the strong domestic demand indicates both trust in government fiscal management and a growing appetite among local investors for secure, long-term financial instruments.
This successful fundraising operation positions Côte d’Ivoire as a reliable issuer within the WAEMU region and demonstrates its capacity to leverage the public securities market to support national development projects and ongoing budget requirements.
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