Côte d’Ivoire raises FCFA 93.5 billion with yields up to 7.18%

Demand reached FCFA 138.6 billion at the 20 October auction, while the state offered FCFA 85 billion across four lines maturing between 2027 and 2033.

Côte d’Ivoire accepted FCFA 93.5 billion at an auction held on 20 October on the regional UMOA market, 8.5 billion more than the amount offered, according to results published by UMOA-Titres.

Investors submitted bids worth FCFA 138.6 billion for twelve-month treasury bills and three-, five- and seven-year bonds. The cover ratio reached 163%, but Abidjan accepted only 67.5% of the bids submitted.

The state concentrated its acceptances on longer maturities. It accepted FCFA 39.36 billion at three years, 33.85 billion at five years and 17.05 billion at seven years. Only FCFA 3.24 billion was accepted on the twelve-month bills, while investors had offered FCFA 47.32 billion.

Average weighted yields came to 3.89% for one year, 6.37% for three years, 7.03% for five years and 7.18% for seven years. They represent the cost demanded by the market, distinct from the nominal coupons of 5.20%, 5.45% and 5.70% set for the three bond lines.

The principal of the bonds will be repaid in one lump sum on the October maturities of 2029, 2031 and 2033. Interest will be paid annually, while the bills will mature on 19 October 2027.

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