Togo proceeds to its first issue on the regional market in Q3 2021, eyes CFA25bn

Finance
Friday, 16 July 2021 14:00
Togo proceeds to its first issue on the regional market in Q3 2021, eyes CFA25bn

(Togo First) - Seeking CFA25 billion, Togo issued last Wednesday fungible treasury bonds on the WAMU securities market - an issue set to close on July 23, 2021. 

In detail, the bonds have a nominal value of CFA10,000 and will mature over 10 years, at an interest rate of 6.2% per annum. The proceeds will be used to support the recovery of the Togolese economy post-Covid-19. 

“The present issue, titled Obligations de Relance OdR (ed. note: recovery bonds),  aims to mobilize funds from legal and natural persons, meet the issuer’s budget financing needs in the framework of economic recovery, curb effects of the Covid-19 pandemic, and return to performances recorded before the health crisis,” the WAMU securities agency said. 

This is Togo’s first issue on the regional money market this quarter; a quarter during which the country hopes to secure CFA110 billion. This is after raising CFA183 billion (against CFA165 billion forecast), on the same market, during the previous quarter. 

Togo, it should be noted, plans to spend in Q3 2021 nearly CFA200 billion to service its debt on the public securities market (MTP). 

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