Togo Lists Two Treasury Bonds on Regional Bourse

Public finance

Monday, 29 September 2025 15:17

Togo Lists Two Treasury Bonds on Regional Bourse

Togo raised CFA102.77 billion ($156 million) in two bond issues now set for listing on the BRVM on Oct. 3.
The bonds carry coupons of 6.45% (five years) and 6.60% (seven years), both priced at CFA10,000 par value.
The move is part of a diversification strategy as public debt rose to 72.1% of GDP in 2024.

The West African regional stock exchange BRVM will list two Togolese Treasury bonds on Oct. 3, the bourse said Monday.

The debt issues, “TPTG 6.45% 2025–2030” and “TPTG 6.60% 2025–2032,” were sold via public offering between Feb. 18 and March 14, raising CFA102.77 billion ($156 million).

Investors subscribed to 5.88 million units of the five-year 6.45% bond and 4.39 million units of the seven-year 6.60% bond. Each note carries a par value of CFA10,000 with interest accruing from March 6, 2025. SGI Togo handled the listing process, with the bonds set to start trading at the issue price of CFA10,000.

The issuance aligns with Togo’s debt strategy of mixing regular auctions via UMOA-Titres—where it has already raised CFA350 billion this year—with longer-dated bond placements targeting regional investors.

Togo’s budget deficit narrowed to 5.9% of GDP in 2024 from 6.3% a year earlier, and is projected to reach 3% by 2026 in line with WAEMU convergence criteria, according to the IMF. Public debt rose to 72.1% of GDP at end-2024, up from 63.7% the previous year, driven by increased domestic borrowing.

Despite fiscal pressures, the economy expanded 5.3% in 2023 and 6.5% in 2024, powered by services and public investment. Inflation is forecast to ease to 3% in 2025, within the BCEAO’s target range.

The BRVM listing is expected to improve liquidity for the securities and boost investor confidence as Togo seeks to tap regional savings to fund budget priorities.

This article was initially published in French by Fiacre E. Kakpo

Adapted in English by Ange Jason Quenum

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