• The government raised CFA454.2 billion ($790 million) on April 22 through the WAEMU regional debt market
• The auction covered seven bond maturities, from 1 to 7 years, and was oversubscribed by 105.63%
• Yields rose slightly, but remained lower than rates seen in other WAEMU countries like Mali

Côte d’Ivoire raised CFA454.2 billion on April 22 in a public bond auction on the West African Economic and Monetary Union (WAEMU) regional market, setting a new record for the country’s largest single debt issuance through this channel. The auction, which targeted CFA430 billion initially, was oversubscribed by more than 5% and fully taken up by the Ivorian Treasury, according to the official results published by UMOA-Titres.

This operation ranks as the largest the Ivorian government has ever carried out through a WAEMU public auction, though it falls just short of the CFA457 billion raised by Niger in April 2024 when it returned to the regional market.

The debt offering included a 364-day Treasury bill, three two-year bonds, and longer-dated bonds with maturities of three, five, and seven years. The amounts raised on each line ranged from CFA4 billion to over CFA132 billion.

Interest rates on these instruments showed a modest increase compared to earlier in the month. The one-year Treasury bill was placed at an average yield of 7.19%, up from 6.60% on April 8. Two-year bonds yielded between 7.36% and 7.38%, higher than the 6.79% recorded for a similar issuance earlier this month. The three-year bond came in at 7.49% versus 6.84% previously. The five-year line saw a slight uptick to 7.64% from 7.62%. Only the seven-year bond posted a lower yield, at 6% compared to 6.79% two weeks ago.

Even with the uptick, the yields remain well below those seen in recent WAEMU bond auctions by other member countries. On April 16, Mali had to offer 9.12% for a three-year bond. Burkina Faso issued a seven-year bond at 7.70% on April 9. These differences highlight how the market views Côte d’Ivoire’s risk profile as more stable, despite the country’s increasingly frequent borrowing.

Between January and early April, Côte d’Ivoire raised nearly 51% of all funds mobilized by WAEMU’s eight member states. During this period, the country also finalized a $1.75 billion Eurobond, issued its first international bonds denominated in CFA francs, and restructured CFA450 billion worth of existing debt to ease pressure on public finances.

Most of the buyers in this latest operation were Ivorian investors. Burkina Faso and Benin made minor bids on the five-year bond line.