In order to ensure the coverage of its budget's financing needs, Togo raised the sum of 22 billion FCFA on Friday, April 11, 2025 on the UEMOA financial market the sum of 22 billion CFA francs at the end of its issuance of a simultaneous auction of assimilable treasury bills (BAT) of 182 and 364 days.

The Togolese Public Treasury retained 4.75 billion FCFA on maturity at 182 days against 54.2 billion FCFA of proposals, i.e. an absorption rate of 8.8%. Conversely, 17.25 billion FCFA were accepted at maturity at one year, i.e. 99.95% of the offers submitted in this segment. The weighted average yield on one-year securities stood at 7.33%, up from 7.18% observed at the last issue

This strategy sends a clear signal to the market: Togo is seeking to avoid a surge in rates on very short terms, while accepting a moderate increase in one-year maturities, probably in order to smooth out its cash flow needs until the end of the fiscal year.

The country is indeed facing a particularly significant debt service this month, estimated at more than 51 billion CFA francs on this segment of the debt market. This could explain the Treasury's choice to favour longer maturities, despite the higher cost, in order to secure more sustainable resources

The investor base remains largely regional and concentrated. Four countries - Côte d'Ivoire, Benin, Senegal and Togo - absorbed most of the titles. Ivorian banks acquired nearly 6 billion FCFA over the 364 days, followed by Beninese banks (6 billion FCFA as well), while the Togolese market only captured 4 billion FCFA on