Côte d'Ivoire remains the top issuer and most active player on the regional financial market, accounting for nearly 40% of the funds sought this fourth quarter, with the country's budget deficit expected to reach 4% of GDP this year.

Yesterday, Côte d'Ivoire raised CFA141 billion ($238 million) on the WAEMU regional financial market, with Ivorian investors snapping up nearly all the securities. The country had initially sought CFA145 billion through this debt issuance.

The offering included two types of Treasury bills (BAT) with maturities of 91 days and 357 days, and three Treasury bonds (OAT) with 3, 5, and 7-year terms. The operation closed with a 100.55% subscription rate.

For the 91-day BAT, the country raised CFA69.89 billion at a 6.60% yield, while the 357-day BAT brought in CFA6.42 billion at a 7% yield. The longer-term bonds were also well-received by investors, with the 3-year OAT generating CFA5.10 billion at 7.63%, the 5-year OAT attracting CFA24.86 billion at 7.58%, and the 7-year OAT raising CFA35.51 billion with a 7.14% yield.

Local investors played a dominant role, contributing over 99% of the subscriptions. Ivorian institutions invested CFA69.86 billion in the 91-day BAT, CFA6.42 billion in the 357-day BAT, and significant amounts in the OATs: CFA5 billion for the 3-year bond, CFA24.86 billion for the 5-year bond, and CFA35.51 billion for the 7-year bond.

This fundraising marks the start of the fourth quarter, during which Côte d'Ivoire aims to raise an additional CFA657 billion. Since the start of the year, the leading economy in WAEMU has already mobilized CFA2.35 trillion to fund its budget and service its debt. Between October and December 2024, Côte d'Ivoire is expected to repay at least CFA442 billion, according to Umoa-Titres data.