WAEMU: Member countries raised CFAF163.53 bln on the public securities market last week

The West African Economic and Monetary Union's (UEMOA) public securities market experienced a particularly intense activity last week. Four bond issues were organized to raise CFAF156.92 billion. 

Last week, WAEMU countries raised CFAF163.53 billion on the public securities market, far higher than the CFAF156.92 billion they were seeking.

Niger stood out, raising CFAF37.62 billion via a specific operation to buy back and issue new securities. Other WAEMU member states also raised significant funds: Côte d'Ivoire raised CFAF55 billion, Mali CFAF40.14 billion, and Togo CFAF30.77 billion.

That week, the auctioning activities started, on June 12, with Niger’s issue to raise CFAF36.92 billion. The issue was 101.89% subscribed, with non-resident investors accounting for 97.34% of the subscriptions. 

Côte d'Ivoire was the second public issuer that week, raising  CFAF55 billion on June 13, with securities having various maturities. The operation attracted 11 investors and was 177.64% subscribed, thanks to a high level of participation by local investors (99.09%).

Mali, the third largest issuer, requested CFAF40 billion on June 14, with various types of securities. The order book reached 103.73%, thanks to the contribution of 15 investors from the Union, with a notable participation of non-resident investors (78.96%).

Lastly, Togo raised CFAF30 billion on June 16, with different types of securities.  The issue was 110.89% subscribed, thanks to the contribution of 22 EU investors, with non-resident investors playing a major role (96.53%).

Overall, the average bid-to-cover ratio rose slightly in the previous week, from 117.13% to 123.54%. This increase reflects the good momentum of issues, but also the growing appetite of investors for sovereign bonds, stimulated by rising yields.

Source: Ecofin Agency