Togo seeks CFA420bn on WAEMU securities market this year

Public finance
Wednesday, 05 February 2020 16:35
Togo seeks CFA420bn on WAEMU securities market this year

(Togo First) - The government of Togo plans to raise a total of CFA420 billion on the regional financial market to finance its 2020 budget, UMOA-Titres reports in its 2020 securities issue calendar. According to the document, Togo is set to raise CFA150 billion in the first quarter, split into CFA125 billion fungible treasury bonds (OATs) and CFA25 billion treasury bills (BATs).

In the 2nd quarter, the country wants CFA75 billion, with CFA40 billion in BATs and CFA35 billion in OATs. In Q3, CFA135 billion is sought only through the issue of fungible treasury bonds. The operation in the last quarter will consist of the issue of bills, seeking CFA20 billion, and fungible bonds, seeking CFA40 billion. This final fundraising will allow the country to test its rating on the market.

Togo is the second country after Guinea Bissau (CFA75 billion) to consider taking on less debt on the WAEMU market this year. Other countries moving in the same direction are Niger (CFA465 billion) and Senegal (CFA485 billion). Record mobilization are planned by Cote d'Ivoire (CFA1,075 billion) and Benin (CFA734 billion).

The aggregate amount expected to be raised at the regional level is CFA4,361 billion, including CFA1,562 billion BATs and CFA2,799 billion OATs.

This year, Togo has already made two operations on the regional market to mobilize a total of CFA50 billion. The two issues were oversubscribed to 276% and 296%, respectively, and the country collected CFA55 billion to supply the Public Treasury. Its third issue of the year, for CFA25 billion, will be closed on 14 February.

Séna Akoda

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