For its first operation on the regional financial market, Togo expects to raise CFA20 billion  

Public finance
Tuesday, 08 January 2019 10:55
For its first operation on the regional financial market, Togo expects to raise CFA20 billion  

(Togo First) - Under its bond issuance scheduled for 2019, Togo will try on January 10 to raise 20 billion CFA. This will be done by issuing fungible treasury bonds and bills, at a unit value of CFA1 million.

Under terms and conditions released by UMOA-Titres regional agency, in line with Togo’s general directorate of treasury and public accountability, the issuance aims at mobilizing funds from individuals and companies to finance the country’s State budget.

The same document indicates that the securities issued will have multiple interest rates which are payable in advance and deducted from the bills’ nominal value.

While earnings perceived on the issued securities are tax-free for investors living in Togo, it is not the case for non-residents. They must pay tax imposed in their country of residence.

The fungible treasury bonds which will be issued will mature over 12 months and will be reimbursed on the first open day after the maturity date, knowingly January 9, 2020.

After the coming operation, Togo’s next issuance on the UMOA-Titres market should be fungible treasury bonds, aiming for CFA20 billion. It is scheduled for January 25.

Séna Akoda

 
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