Côte d’Ivoire has raised 110 billion CFA francs (about US$183 million) on the West African Economic and Monetary Union (UEMOA) regional bond market following a treasury auction that attracted strong investor demand, official data showed Tuesday.
The issuance, conducted through the regional platform Umoa-Titres, consisted of 364-day treasury bills and three- and five-year treasury bonds, with an initial target of 100 billion CFA francs (about US$167 million).
Investor interest significantly exceeded supply, with total subscriptions reaching 138.67 billion CFA francs (about US$231 million), representing a coverage rate of 138.67 percent.
The Ivorian treasury ultimately accepted 110 billion CFA francs (about US$183 million), reflecting an absorption rate of 79.32 percent, while 28.67 billion CFA francs (about US$48 million) in bids were rejected.
Longer-dated instruments attracted the strongest demand. Five-year bonds accounted for 89.12 billion CFA francs (about $149 million) in subscriptions, all of which were fully accepted by the government.
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By contrast, one-year treasury bills saw no subscriptions, with the entire 11 billion CFA francs (about US$18 million) offered being rejected, indicating weak appetite for short-term paper in this issuance.
Weighted average yields were 6.44 percent for three-year bonds and 7.16 percent for five-year bonds, reflecting borrowing costs across the regional market.
Domestic investors dominated the auction, submitting more than 123 billion CFA francs (about US$205 million) in bids, ahead of participants from Senegal and Benin.
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The latest issuance highlights continued reliance by UEMOA member states on the regional debt market to finance budget deficits and development projects amid tighter global financing conditions and elevated interest rates.
Analysts say Côte d’Ivoire remains one of the most active and trusted issuers in the regional market, benefiting from relatively strong macroeconomic fundamentals compared with several peers.
However, they caution that rising yields reflect growing investor demand for higher returns as fiscal pressures persist across emerging markets.
The auction underscores the increasing importance of the UEMOA market as a key funding channel for West African governments seeking alternatives to international capital markets.
