Benin Raises $58M in Oversubscribed Treasury Bond Auction
TLDR
- Benin raised CFA 33 billion ($58 million) in a 91-day Treasury bond issuance on the WAEMU government securities market, surpassing its initial CFA 30 billion target
- The auction drew CFA 98.87 billion in bids, reflecting a 329.59% coverage rate, and underscoring investor confidence in Benin’s credit profile
- Despite the oversubscription, the Beninese Treasury accepted only CFA 33 billion to maintain fiscal discipline and controlled refinancing
Benin raised CFA 33 billion ($58 million) in a 91-day Treasury bond issuance on the WAEMU government securities market, surpassing its initial CFA 30 billion target. The auction drew CFA 98.87 billion in bids, reflecting a 329.59% coverage rate, and underscoring investor confidence in Benin’s credit profile.
Despite the oversubscription, the Beninese Treasury accepted only CFA 33 billion to maintain fiscal discipline and controlled refinancing. The issue was priced with a marginal yield of 5.32% and a weighted average yield of 5.34%, in line with regional short-term benchmarks.
Subscriptions were distributed across five WAEMU countries: Senegal (CFA 11B), Burkina Faso (CFA 8.05B), Côte d’Ivoire (CFA 7.96B), Benin (CFA 5.39B), and Togo (CFA 0.58B), showing strong regional participation.
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Key Takeaways
Benin continues to consolidate its role in the regional debt market through measured short-term borrowing and transparent debt management. By maintaining a selective absorption rate of just 33.37% despite excess demand, Benin reinforces its commitment to prudent refinancing. The successful auction reflects growing investor appetite for Beninese securities and strengthens the credibility of the WAEMU market architecture. Regional participation in the issuance signals deeper integration among member states and trust in Benin’s macroeconomic framework. With debt transparency and market discipline at the center of its strategy, Benin is leveraging WAEMU’s unified capital markets to manage liquidity needs while maintaining policy flexibility.
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