The State of Benin, through its General Directorate of Treasury and Public Accounting, raised on December 2, 2020 on the financial market of the West African Monetary Union (WAMU) an amount of 133 billion FCFA (199.500 million euros) following its issuance of auction of bonds assimilables of the treasury (BAT) of maturity 28 days called Covid-19 Social Bonds.

This fundraising aims to enable the Beninese authorities to mobilize the savings of natural and legal persons in order to cover the cash flow gaps created by the fight against the pandemic caused by COVID-19 and its consequences.

Investors bid heavily with a total amount of 429.700 billion FCFA for an amount put up for auction by the issuer of 133 billion FCFA. This gives a  coverage rate of the amount put out to tender is thus 323.08%.

On the amount of the bids, the issuer withheld 133 billion CFA francs (corresponding to the amount required) and rejected the remaining 296.700 billion CFA francs, i.e. an absorption rate of 30.95%. The average yield is 2.36%. As for the weighted average rate, it is 2.35% and the marginal rate is 2.42%.

The repayment of the capital by the issuer will take place on the first working day following the due date set at 30 December 2020.

Interest at a rate less  than or equal to 3% is payable in advance and deducted from the nominal value of the vouchers which is one million FCFA.