UMOA-Titles Market: Côte d'Ivoire Attracts Investors and Raises 297 Billion FCFA

Ivory Coast has once again demonstrated the strength of its sovereign signature in the regional market by successfully raising 297 billion FCFA following a mixed issuance of Treasury Bills and Bonds, organized on July 8, 2025, on the UMOA-Titres platform. This operation, which is part of the financing of the national budget, confirms the renewed confidence of investors in the Ivorian economic fundamentals.

Initially set at 270 billion FCFA, the issuance attracted 338.31 billion FCFA in bids, resulting in a coverage rate of 125.3%. This enthusiasm exceeded the Treasury's expectations, which was forced to reject nearly 41.3 billion FCFA in offers deemed uncompetitive, bringing the final amount retained to 297 billion FCFA.

Evidence of the strong interest from investors in long maturities, the Treasury Assimilable Bonds (OAT) with maturities of 3, 5, and 7 years were fully subscribed. In contrast, the 364-day Treasury Bills (BAT) only covered 26% of the initial target, reflecting a clear preference for medium and long-term instruments, a strong signal in favor of the perceived stability of the Ivorian macroeconomic framework.

The financing conditions are particularly well-managed, with weighted average rates ranging from 7.02% (BAT) to 7.61% (5-year OAT). Notably, the 7-year bond line was obtained at a lower rate of 6.64%, reflecting a confidence premium granted by investors regarding the long-term prospects of the Ivorian economy.

The strong mobilization of national players is another significant aspect of this operation. Out of 298.8 billion FCFA in subscribed amounts, Ivorian investors alone absorbed 283.34 billion FCFA, accounting for more than 94% of the total. This massive participation demonstrates the growing depth of the domestic capital market. Senegal (9.5 billion FCFA retained), Togo (7.65 billion FCFA fully allocated), and, to a lesser extent, Benin (3.3 billion FCFA on the BAT) also participated in this auction. Burkina Faso, traditionally active, remained on the sidelines.

With this operation, Ivory Coast reaffirms its role as a pillar of the public securities market in the UMOA space. The control of rates, combined with robust demand and a strategic positioning on long maturities, reinforces the country's reputation for budgetary discipline and proactive debt management.

Source : mag-impactbusiness, Editorial Team MEPD Web Portal