Togo has successfully raised 33 billion CFA francs through 91-day Treasury Bonds (BAT) on the West African Economic and Monetary Union (WAEMU) regional market, with investor demand far exceeding expectations.
The auction, organized by UMOA-Titres, recorded an exceptional coverage rate of 200.32%, as total bids reached 60.096 billion CFA francs for an initial target of 30 billion. Twelve financial institutions submitted 18 bids, reflecting strong confidence in Togolese short-term debt.
Local investors dominated the auction, with 21.992 billion CFA francs allocated from Togo itself out of the 27.023 billion offered by regional bidders. Other countries participating included Benin (5.727 billion), Mali (2.281 billion), Burkina Faso (2 billion) and Senegal (1 billion).
No bids were accepted from Côte d’Ivoire, Niger, or Guinea-Bissau.
Investors received a weighted average yield of 5.68%, with a marginal rate of 5.79%. The issue’s absorption rate stood at 54.91%, reflecting careful selection by the Togolese authorities to ensure financial prudence.
Each Treasury Bond carries a nominal value of one million CFA francs, with a maturity date set for November 10, 2025, and a value date of August 12, 2025.
The successful issuance is part of Togo’s broader strategy to secure liquidity and manage its cash flow needs while demonstrating the country’s credibility in the regional financial market.
Officials highlighted the strong participation and competitive bids as evidence of investor confidence in Togolese public debt instruments.
This latest fundraising effort underscores the growing role of regional capital markets in supporting state financing across WAEMU countries, providing Togo with both immediate cash flow and a benchmark for future debt operations.
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