WAEMU: Four states raise CFA 174.5 billion amid strong investor demand

The governments of Guinea-Bissau, Burkina Faso, Benin and Senegal raised a combined CFA 174.5 billion ($299 million) on the West African regional government securities market between Aug. 10 and Aug. 14, 2026.

The four auctions attracted bids worth CFA 332.65 billion, more than twice the initial funding requirement of CFA 160 billion, resulting in a coverage ratio of 207.9%.

Senegal raised the largest amount, with CFA 77 billion, followed by Burkina Faso with CFA 49.5 billion, Benin with CFA 33 billion and Guinea-Bissau with CFA 15 billion.

Treasury bills accounted for CFA 102.31 billion, or 58.6% of the total amount raised, while Treasury bonds represented about CFA 72.2 billion.

Despite strong investor demand, borrowing conditions varied significantly among the four countries, reflecting differences in the maturities and characteristics of the securities issued.

Senegal recorded some of the highest yields during the week. Its Aug. 14 auction produced an average weighted yield of 8.04% on a 12-month Treasury bill and 8.20% on a five-year Treasury bond.

The results highlight the continued importance of the regional government securities market in financing West African economies, while also showing the differences in borrowing costs across sovereign issuers.

The level of investor demand nevertheless points to continued appetite for government debt in the West African Economic and Monetary Union, or WAEMU.