Togo to raise CFA15 billion next April 20, out of CFA50 billion planned for Q2 2018

Finance

Monday, 16 April 2018 19:06

Togo to raise CFA15 billion next April 20, out of CFA50 billion planned for Q2 2018

(Togo First) - Under its plans for public securities issuance in Q2 2018, Togo’s public treasury will try next April 20, to raise CFA15 billion of fungible treasury bonds (FTB). It will be the country’s first issuance on the regional market this quarter. Overall, it plans to raise up to CFA50 billion throughout the quarter.

The sum will be mobilized, in detail, through two FTBs of CFA15 billion each, planned respectively for April 20 and June 8, 2018, and the issuance of fungible treasury bills, on May 11, worth CFA20 billion.

April 20’s transaction, according to UMOA-Titres is stipulated to have a 3-year maturity, thus maturing at April 23, 2021. Its proceeds will be divided into securities having a nominal value of CFA10000 per unit. Interest rate was set on 6.25% and value date was set on April 23, 2018.

June 8’s issuance will also mature over three years while May 11’s will be over a year.

Let’s recall that out of CFA90 billion it aimed to raise during Q1 2018, the nation mobilized nearly CFA77 billion on the regional debt market. This, in an unfavorable political context. For its latest issuance, it recorded a 108.59% coverage rate raising 21.7 billion over CFA20 billion targeted.

Séna Akoda

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