Togo to issue more Covid-19 bonds, seeks FCFA70 billion

Public finance
Tuesday, 28 July 2020 13:04
Togo to issue more Covid-19 bonds, seeks FCFA70 billion

(Togo First) - For the second time, Togo will try to raise FCFA70 billion by issuing covid-19 bonds on the regional financial market. This is after garnering FCFA108 billion by recently issuing the same bonds. 

The proceeds of the new issuance will fill the gap in public treasury caused by the fight against the coronavirus pandemic. The issuance of the bonds -fungible treasury bonds- which have a nominal value of FCFA1 million should close on August 13, 2020.  

Just like for the first operation, the securities will mature over three months. They will thus start gaining value on August 14, 2020, and reach maturity on November 12. 

Repayment will begin on the first workday after the maturity date. Meanwhile, due interests will be discounted on the face value of the bonds. 

Across the WAEMU, the bond issuance is set to begin on July 28, 2020, with an expected XOF721 billion to be raised. 

Séna Akoda

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