Côte d’Ivoire raised 320.77 billion CFA francs on Tuesday through a Treasury bill and bond auction on the West African Economic and Monetary Union (WAEMU/UEMOA) regional market, exceeding its initial funding target amid strong investor demand. The auction attracted total bids of 515.80 billion CFA francs, resulting in a coverage ratio of more than 166%. Authorities took a selective stance, accepting just over 62% of submitted offers to contain borrowing costs.
The issuance comprised three instruments with different maturities. Demand for 364-day Treasury bills reached 127.24 billion CFA francs, but only 4.5 billion CFA francs was accepted. The marginal rate was 6.15%, with a weighted average yield of 6.53%, reflecting the government’s reluctance to lock in higher short-term rates. Most of the funds were raised through three-year bonds maturing in October 2028, issued in two tranches with fixed coupons of 5.35% and 5.70%. The first tranche drew 158.94 billion CFA francs in subscriptions, an absorption rate of over 92%, while the second attracted 157.32 billion CFA francs, or nearly 73% absorption.
A total of 13 financial institutions submitted 28 bids. Domestic investors dominated successful subscriptions, particularly for the bonds, with additional participation from WAEMU member states including Benin, Togo and Senegal. Settlement is scheduled for 7 January 2026. The proceeds will be used to refinance existing debt and support development spending, as Côte d’Ivoire continues to manage public finances under a policy of budgetary discipline.
