BRVM: bonds hold 40% of market value, but less than 1% of trading

Bonds accounted for 39.65% of combined equity and bond market capitalization on the West African Regional Stock Exchange (BRVM) on 9 November 2026. Yet they generated less than 1% of the value traded across the six sessions of 2, 3, 4, 5, 6 and 9 November. Official exchange bulletins show a sharp contrast between the amount of debt securities listed on the market and the trading they attract.

Bond turnover across those six sessions totalled just CFAF105.28 million, compared with CFAF12.51 billion in equities. That left bonds with 0.83% of the combined trading value of the two segments, despite a listed bond market capitalization exceeding CFAF13,444 billion. The comparison covers trades recorded by the BRVM rather than all government securities traded throughout the West African Monetary Union.

Of 210 bond lines, as few as six change hands

The apparent depth of the bond market is reflected in the 210 bond lines admitted to trading. Only six recorded trades on Monday, 2 November. The count rose to nine the following day, fifteen on 4 November and twenty-five on 5 November, before falling to thirteen on both 6 and 9 November. On the last of those sessions, transactions were recorded in roughly 6% of the listed lines.

Trading values were uneven as well. Bond turnover stood at CFAF40.32 million on 2 November, CFAF15.75 million on 3 November and CFAF3.67 million on 4 November. It recovered to CFAF23.05 million on 5 November, before falling to CFAF12.91 million on 6 November and CFAF9.59 million on 9 November. Bonds accounted for more than 1.5% of daily trading value only once in the period, on 2 November.

Slow turnover can coexist with a large outstanding stock. Bonds provide coupon payments and principal repayment at maturity, giving holders a reason to retain them without regular trading. For investors who need to sell before maturity, however, the frequency of transactions and actual execution prices matter. The official bulletins record completed trades, rather than bids and offers that did not result in deals.

More listed debt, but little visible turnover

The number of listed bond lines rose from 181 at the end of 31 December 2025 to 210 on 9 November 2026, an increase of twenty-nine. Bond market capitalization grew from CFAF11,450.61 billion to CFAF13,444.44 billion, up 17.4%. Over the same interval, equity market capitalization climbed from CFAF13,330.71 billion to CFAF20,465.71 billion. Changes in market valuations have therefore altered the relative weight of the two segments.

Bonds accounted for around 46.2% of combined equity and bond capitalization at the end of 2025, compared with 39.65% on 9 November 2026. Their share declined despite the expansion in listed bond capitalization because equity market capitalization increased more quickly. The value of listed securities and the value actually traded capture different aspects of the market.

Government debt also trades beyond the stock exchange

The BRVM’s limited bond turnover is only one part of the region’s public-debt market. Treasury bills and bonds are issued through a separate auction system, while transactions between investors are also recorded in other market segments. A new issue raises funds for the borrower, whereas secondary trading transfers an existing security from one holder to another.

UMOA-Titres reported on 9 November that the secondary market for government securities within its reporting perimeter recorded CFAF81.76 billion in trades during the week of 2–6 November. That market covers a different segment from BRVM-listed bonds, whose six sessions examined here accounted for CFAF105.28 million in transactions.