• WAEMU states raised CFA1,901.9 billion in January, up over 100% year on year

• Treasury bonds (OAT) totaled CFA1,432.9 billion, up more than 300%

• Average maturity rose to 2.95 years from 1.77 years in January 2025

The regional public securities market of the West African Monetary Union (WAEMU) recorded strong activity at the start of 2026. Data published by UMOA-Titres show that member states raised CFA1,901.9 billion ($3.4 billion) in January alone, more than double the amount mobilized during the same period a year earlier.

The sharp increase was driven mainly by heavier use of Treasury bonds (OAT), which are medium- and long-term debt instruments. OAT issuance reached CFA1,432.9 billion, up more than 300% year on year. In contrast, Treasury bills (BAT), typically used for short-term financing, fell to CFA468.9 billion, down about 18%.

The shift reflects changes in WAEMU states’ financing strategies. By favoring longer maturities, treasuries aim to spread out debt repayments and limit risks linked to frequent refinancing. Tight liquidity in 2024 and during the first half of 2025 had forced them to rely heavily on short-term funding, increasing refinancing pressure. The average maturity of securities issued in January rose to 2.95 years, compared with 1.77 years in January 2025.

Côte d’Ivoire and Senegal lead issuance

As in the previous year, Côte d’Ivoire was the largest issuer in January, raising CFA1,039.7 billion, more than half of the total amount mobilized across the region. The country relied mainly on OAT with maturities ranging from three to seven years. Senegal followed with CFA366.7 billion, split between short-term bills and medium-term bonds.

Other member states, including Benin, Burkina Faso, Mali, Niger and Guinea-Bissau, also tapped the market in January, though for smaller amounts. Yield conditions varied depending on the issuer.

Togo, by contrast, did not issue any securities on the UMOA-Titres segment during the month. The country had already raised more than CFA100 billion through a syndicated operation on the BRVM segment, completed on January 23.

Despite higher issuance volumes, demand remained strong. The average bid coverage ratio stood at 201%, indicating that the amounts offered were largely oversubscribed, although the figure was slightly below the level recorded at the end of 2025.

As of end-January, the total outstanding debt raised through auctions in the WAEMU zone reached CFA22,217.8 billion, up 2.7% year on year.

Fiacre E. Kakpo