Between 2027 and 2029, West African Monetary Union governments face CFAF16,610.25 billion in principal repayments on Treasury securities issued through auctions. That equals 69.5% of the CFAF23,885.41 billion outstanding at 30 September 2026, according to UMOA-Titres’ latest quarterly statistics. The stock of regional market debt has barely changed, but its repayment calendar has become more concentrated.

The contrast emerges from the June and September bulletins. Outstanding auction-issued securities rose by just CFAF140.85 billion over three months, or roughly 0.6%. Yet principal falling due in 2027, 2028 and 2029 increased from CFAF15,086.59 billion to CFAF16,610.25 billion, a rise of CFAF1,523.66 billion or 10.1%. The question is therefore not just how much the governments owe, but when they must find the money to repay it.

Three years account for most of the repayments

The September profile lists CFAF5,472.90 billion of principal due in 2027, CFAF5,301.14 billion in 2028 and CFAF5,836.21 billion in 2029. Interest payments come on top. For 2027 alone, UMOA-Titres projects CFAF1,255.07 billion in interest within this market segment, bringing that year’s combined principal and interest payments to nearly CFAF6,728 billion.

A Treasury can meet maturing debt with budget revenue, available cash or proceeds from a fresh borrowing operation. When several governments need new funding at the same time, however, their auctions compete for the placement capacity of banks and other regional investors. The rates demanded, the maturities offered and the ability to roll over existing debt become central variables. The regional chart combines eight sovereign issuers, whose individual exposures are far from identical.

The outstanding balances already show those differences. Côte d’Ivoire accounted for CFAF7,551.20 billion in auction-issued securities at the end of September, while Senegal had CFAF5,323.95 billion. Burkina Faso followed with CFAF3,025.10 billion and Mali with CFAF2,610.42 billion, compared with CFAF1,046.22 billion for Benin. The figures cover a specific securities market rather than the countries’ entire public debt, which may also include loans, syndicated issues and international bonds.

Investors are still lending, but terms vary widely

Regional Treasury auctions raised CFAF2,331.87 billion in the third quarter, compared with CFAF3,596.94 billion in the second. Average maturity at issue remained close to 3.3 years. Three-year securities represented 44% of the funds raised in the latest quarter, five-year securities 28% and seven-year instruments another 6%. Governments were therefore still able to attract funding beyond the shortest Treasury bills.

The national figures diverged sharply. Benin raised CFAF55 billion during the quarter with an average maturity of just three months. Côte d’Ivoire mobilised CFAF693.63 billion at an average maturity of 3.90 years, while Burkina Faso raised CFAF326.50 billion at an average of 4.33 years. Issuance strategies and cash requirements differ even among governments sharing one currency and much of the same investor base.

The latest Burkina Faso auction provides a concrete example. On 4 November, the Treasury accepted CFAF30 billion from CFAF50.29 billion in bids. It allotted CFAF20.3 billion to three-year bonds, CFAF7 billion to five-year bonds and CFAF2.7 billion to one-year bills. A CFAF500 million bid for the seven-year bond was rejected in full. Weighted average yields on the accepted bonds reached 6.93% for three years and 7.37% for five years, against 3.59% on the one-year bills.

Secondary trading grows as funding costs matter

The BCEAO kept its main policy rate at 3% at its September meeting. That short-term monetary-policy rate is different from the returns investors seek on sovereign bonds held over several years. The eventual cost of refinancing will depend on the prices national Treasuries are prepared to accept when existing securities mature.

Trading in outstanding government securities has meanwhile expanded. UMOA-Titres reported CFAF6,567.28 billion in secondary-market turnover from January through 30 October, up 55% from a year earlier, across 3,076 trades. This measures transactions between investors, whereas the fresh financing received by governments arises from primary issuance.

Burkina Faso’s 4 November auction included CFAF20.3 billion of three-year bonds maturing on 5 November 2029. Issued after the September reporting date, they add to a regional maturity schedule that already showed CFAF5,836.21 billion in principal due that year.