Togo secures 29 billion CFA francs in latest UMOA bond market bid

This latest round brings the country’s total funds raised from the regional financial market to 593 billion CFA francs for the year, reaching 97% of its annual goal of 607 billion CFA francs.

According to the operation report reviewed by Togo First, Togo secured 17.1 billion CFA francs through Treasury Bonds (OAT) with maturities of 3 and 4 years, offering annual interest rates of 6.15% and 6.40%, respectively.

Additionally, the country garnered 12.3 billion CFA francs from Treasury Bills (BAT) with a 182-day maturity at multiple interest rates.

The issuance attracted participation from 29 investors, who collectively offered 33 billion CFA francs, resulting in a coverage rate of 111.67% of the initial amount sought.

This bond issuance is a critical component of Togo’s strategy to finance its 2024 budget, which balances expenditures and revenues at 2,179 billion CFA francs.

The funds raised will support ongoing projects and initiatives outlined in the country’s financial plan for the year.

Togo’s near-target achievement in this latest financial exercise underscores the country’s strong presence and credibility within the regional financial market, ensuring continued support for its economic development goals.