Côte d’Ivoire Raises 220 Billion CFA Francs in Regional Debt Sale

Côte d’Ivoire has raised 220 billion CFA francs from the public securities market of the West African Monetary Union (UMOA), following a bond auction held in Dakar, according to data released on Tuesday by UMOA-Titres.

The operation, which initially targeted 200 billion CFA francs, drew strong demand from investors, with total bids amounting to 419.1 billion CFA francs. This translated into an oversubscription rate of more than 209 per cent, although just over half of the offers were accepted, resulting in an absorption rate of 52.5 per cent.

The issuance consisted of four instruments: 350-day Treasury Bills and Treasury Bonds with maturities of three, five and seven years. Fixed coupon rates for the bonds were set at 5.35 per cent for three years, 5.60 per cent for five years, and 5.85 per cent for seven years.

Investor appetite was concentrated on medium- and long-term securities. No bids were accepted for the short-term 350-day Treasury Bills, despite proposals totalling 154.9 billion CFA francs from 11 participants.

Five-year Treasury Bonds proved the most attractive, accounting for 163 billion CFA francs, with full absorption. Seven-year bonds raised 37.25 billion CFA francs, while three-year bonds attracted 19.75 billion CFA francs. Depending on maturity, weighted average yields ranged between 6.24 per cent and 7.33 per cent.

Domestic investors led the operation, contributing 169 billion CFA francs of the accepted amount. They were followed by investors from Senegal, who accounted for 50 billion CFA francs, and Benin, with 1 billion CFA francs.

The successful fundraising underscores Côte d’Ivoire’s continued access to regional capital markets amid sustained investor interest in sovereign debt within the UMOA zone.