UMOA-Titres: Togo raises CFA27.5 billion

Public finance
Wednesday, 12 August 2020 16:06
UMOA-Titres: Togo raises CFA27.5 billion

(Togo First) - Last Monday, Togo closed a simultaneous issuance of T-bonds on the UMOA-Titres market. The country was able to raise a total of CFA36.5 billion for the operation but withheld CFA27.5 billion. The funds will be used to finance Togo’s 2020 budget. 

In detail, the operation was broken down into two, and while both had a target of CFA 25 billion, they had different maturity periods - 36 months and 60 months respectively - and interest rates (6.15% and 6.4%). 

The issuance with a maturity period of 36 months was oversubscribed with investors submitting CFA 28 billion of which the country’s treasury retained 24.3 billion. For the second operation, the proposed amount was 8.5 billion out of which the country withheld only 3.2 billion. 

A majority of investors who subscribed to the T-bonds were from the West African Monetary Union, according to UMOA-Titres. 

The securities will be redeemed on the first business day following the maturity date (In fine refund).

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