Ivory Coast raises $132m on WAEMU public debt market

AFRICAN STOCKS AND FINANCEJuly 4, 2024 at 4:20 PM UTC

TLDR

Côte d'Ivoire successfully mobilized 75 billion FCFA from regional investors through Treasury Bills and Bonds.
The offering saw overwhelming investor interest, with a coverage rate of 134.48%.
Ivorian Public Treasury raised 80.31 billion FCFA, surpassing the target amount by 5.31 billion FCFA.

Ivory Coast re-entered the WAEMU public debt market on July 3, aiming to mobilize 75 billion FCFA from regional investors through a simultaneous issue of Treasury Bills and Bonds (BAT/AT).

This operation included two Treasury Bills (BATs) with maturities of 91 days and 364 days and two Treasury Bonds (OATs) with maturities of 5 and 10 years.

The offering was well-received, with investors offering up to 100.85 billion FCFA, achieving a coverage rate of 134.48%. Ultimately, the Ivorian Public Treasury opted to raise 80.31 billion FCFA ($132 million), which is 5.31 billion FCFA more than the target amount, resulting in an absorption rate of 79.63%.

Key Takeaways

In detail, the Treasury Bill (BAT) with a 91-day maturity retained 40 billion FCFA at a marginal rate of 6.5%, with a weighted average yield of 6.56%. The BAT with a 364-day maturity admitted 28.9 billion FCFA at a marginal rate of 6.8% and a weighted average yield of 7.29%. On the Treasury Bond (OAT) side, the 5-year maturity received 3.8 billion FCFA at a marginal price of 9,300 FCFA and a weighted average yield of 7.64%. The 10-year maturity received 7.61 billion FCFA at a marginal price of 9,200 FCFA and a weighted average yield of 7.41%. Notably, the majority of the successful offers came primarily from Côte d'Ivoire, with 55.91 billion FCFA of the total amount raised, representing a rate of 74.54%.

Ivory Coast

Debt Capital Markets

Bonds

Treasury Bills

Fixed Income

Sovereign Credit