• Togo plans 25 billion CFA francs debt issuance on March 20
• Sale includes 364-day bills and three-, five-year bonds
• Funds will help finance 2.751 trillion CFA francs 2026 budget

Togo plans a two-part debt issuance on March 20, targeting 25 billion CFA francs (around $44.5 million) through the WAEMU government securities market, in its second operation of the year.

According to a tender notice, the Togolese Treasury plans to raise part of the funds through Treasury Assimilated Bills (BAT) with a 364-day maturity. The securities, with a nominal value of 1 million CFA francs, will be auctioned at multiple rates.

The remainder will be raised through Treasury Assimilated Bonds (OAT) with maturities of three and five years. The bonds, each with a nominal value of 10,000 CFA francs, carry interest rates of 6.15% for the three-year tranche and 6.35% for the five-year tranche.

The funds will help finance the 2026 state budget, set at 2.751 trillion CFA francs.

Since the start of the year, Togo has already raised 22 billion CFA francs on the regional market, representing about 5% of its annual financing target of 463 billion CFA francs.

Esaïe Edoh, with Togo First