Côte d’Ivoire raised FCFA 93.5 billion in the regional government securities market at its 20 October auction, exceeding its initial FCFA 85 billion target by 8.5 billion. Investors submitted bids worth FCFA 138.6 billion, according to UMOA-Titres.
Abidjan favoured bonds maturing in three to seven years, which accounted for more than FCFA 90 billion of the amount accepted. By choosing these maturities rather than bills repayable within twelve months, the Treasury has placed most principal repayments in 2029, 2031 and 2033. Interest payments remain due until maturity.
Three-year bonds accounted for FCFA 39.36 billion, five-year bonds for 33.85 billion and seven-year bonds for 17.05 billion. The Treasury accepted only FCFA 3.24 billion in one-year bills, despite bids of 47.32 billion for that line alone. Overall, it accepted 67.5% of bids.
Weighted-average yields, reflecting investors' returns, were 6.37% for three years, 7.03% for five years and 7.18% for seven years. The twelve-month bills yielded 3.89%. These yields differ from the bonds' stated coupons of 5.20%, 5.45% and 5.70%, respectively.
Principal on the three bond issues is due in a single payment at maturity, while interest will be paid annually. The Treasury bills mature on 19 October 2027. The maturity structure spreads the state's refinancing needs across several fiscal years.