• WAEMU states raised record 11.9 trillion CFA francs in 2025
• Bond issuance surged as governments faced rising financing needs
• Investors increasingly differentiated sovereign risk through wider yield gaps

WAEMU member states raised nearly 12 trillion CFA francs ($21.45 billion) in the regional public debt market in 2025, according to consolidated data published by UMOA-Titres. The record haul was sharply higher than a year earlier, reflecting both rising public financing needs and the steady expansion of the regional market.

Total issuance reached 11,858.8 billion CFA francs, up 45.9% year on year. The increase was largely driven by a rebound in Treasury bond (OAT) issuance, which jumped 89.5% to 5,822.6 billion CFA francs. Treasury bills (BAT), short-term instruments, totalled 6,036.2 billion CFA francs, up a more moderate 19.4%. The number of auctions rose to 220 during the year, underscoring governments’ continued reliance on the regional market.

The surge in issuance coincided with a sharp rise in repayments. In 2025, member states repaid more than 9,275 billion CFA francs, more than double the previous year’s level. This was due to the maturity of large volumes of debt and more active portfolio management, after 2023 and 2024 were marked by tighter banking liquidity following monetary tightening. Governments had been pushed to rely heavily on 12-month instruments, increasing rollover pressure for several issuers in 2025.

Issuance remained heavily concentrated among a handful of large borrowers. Ivory Coast stayed in the lead, raising more than 5,000 billion CFA francs in 2025. Senegal followed with around 2,200 billion CFA francs, relying heavily on the regional market amid mounting debt concerns. Niger raised just over 1,300 billion CFA francs. Burkina Faso and Mali raised close to 1,100 billion and 1,000 billion CFA francs, respectively. Benin and Togo recorded smaller volumes, reflecting differing financing needs and debt strategies across the Union.

A more mature, more selective market

Beyond the headline totals, 2025 also marked a shift in how governments finance themselves. Issuers increasingly tapped longer-dated bonds, typically three to five years, to smooth repayments.

At the same time, yields suggest investors are pricing risk more sharply. Funding costs are no longer uniform across countries. For Benin, Togo and Ivory Coast, yields generally stayed between 6% and 7% for medium-term maturities. By contrast, Niger and Guinea-Bissau often had to offer higher rates, sometimes above 10%, to attract investors.

Market participants say the widening gaps signal the end of a period when yields were tightly clustered, reflecting a more granular differentiation of sovereign risk in an environment where banking system liquidity remained constrained for much of the year.

Fiacre E. Kakpo