Togo plans to raise CFA50bn on regional market this month

Public finance
Tuesday, 10 July 2018 11:32
Togo plans to raise CFA50bn on regional market this month

(Togo First) - With a second quarter getting off to a great start marked by two successful issuances, Togo’s treasury plans to raise CFA50 billion on the regional financial market this month. The operation covers two 3-year and 5-year issuances of OAT fungible treasury bonds whose results are scheduled for July 20.

The sales occur as the country is regaining a foothold on the market, reflected by the latest successful operations. Indeed, two of the last three treasury issuances over-performed.

Out of the CFA55 billion sought in Q2 2018, Togo successfully captured CFA54 billion. However, the treasury retained only CFA51 billion. Still, this performance exceeds that of neighboring countries whose issuance curve are unsteady.

In Q3, Togo plans to raise CFA130 billion, broken into CFA110 billion OATs and CFA20 billion fungible treasury bills (BATs). As scheduled, the country’s OATs issuances target CFA50 billion in July, CFA40 billion in August and CFA20 billion in September. The only BAT-related transaction of CFA20 billion is scheduled for September.

Overall, the 8 WAEMU countries expect to mobilize CFAF916 billion through auction, divided into CFA438 billion treasury bills and CFA478 billion treasury bonds during the quarter.

 Fiacre E. Kakpo

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