Togo has just completed a major financial transaction on the West African Monetary Union (WAEMU) regional market. The country raised 22 billion CFA francs (38 million USD) through a double issue of Treasury Bonds (BAT). This transaction demonstrates investor confidence and interest in Togolese securities and is part of a proactive public debt management strategy.

Transaction Details

Amount raised: 22 billion CFA francs, exceeding the target of 20 billion CFA francs.

Type of issue: Assimilable Treasury Bonds (BAT), short-term debt instruments used by governments to finance their cash flow needs.

Market: WAMU regional market, which includes several West African countries using the CFA franc.

Market reception: The transaction was well received by investors, reflecting Togo’s strong position in the regional market.

Context and strategy

This fundraising is part of a broader effort to manage Togo’s public debt. The country is increasing its issuance of government securities to diversify its financing sources and meet its budgetary needs, while ensuring debt sustainability. In March 2025, Togo had already raised 25 billion CFA francs through a simultaneous issuance of Treasury bills and bonds, with a coverage rate of 103.17%, demonstrating strong enthusiasm among regional investors.

The Togolese government is also pursuing a fiscal consolidation policy, supported by agreements with international institutions such as the IMF and the World Bank, to increase tax revenues and reduce its budget deficit.

Importance of the transaction

This major financial transaction allows Togo to:

• Strengthen its position in the regional capital market
• Support the financing of its development projects
• Effectively manage its short- and medium-term debt maturities
• Consolidate investor confidence in the country’s macroeconomic stability

The success of this issuance confirms Togo’s ability to mobilize resources on regional financial markets and pursue its objectives of economic development and prudent debt management.

How have investors reacted to this transaction?

Investors have responded positively to Togo’s major financial transaction. This favorable response resulted in a subscription rate exceeding the initial target. This exceedance of the target indicates that investor demand was strong and that confidence in Togo’s signature remains strong in the regional market.