The 28 October auction drew CFA74.726 billion in offers against a CFA40 billion target. The Treasury accepted CFA44 billion: CFA3.5 billion in one-year bills, CFA36.5 billion in three-year bonds and CFA4 billion in five-year bonds, according to UMOA-Titres’ official results.
Average yields were 4.51% for one year, 7.67% for three years and 7.58% for five years. The three-year and five-year bonds were sold below their face value, making their effective yields higher than their stated annual coupons of 6% and 6.2%.
The operation supplies budget financing while concentrating most of the new principal repayment in October 2029, when the three-year bonds mature.