Togolese government raised only a modest part of its first fungible treasury bonds issued on WAEMU bond market in 2018. Out of the CFA15 billion solicited, with a 1-year maturity period, it only raised CFA5.13 billion. This is only 34.21% subscription rate. 

This performance is rather weak compared to the last two bond issuance in November 2017. Indeed, the average subscription rate was 101%. Moreover, during this operation, the interest rate is 6.7% while during the previous operation, it was 6.31%.  

In addition, this interest rate is the highest of the 13 fungible treasury bonds issued by members of WAEMU.  At the end of the operation, no official reason for this decline was given but, it is to be reminded that Togo is going through difficult times marked by repeated socio-political movements. This situation could have scared investors away.