Togo attracts investors: Successful public bond issue with 111.67% coverage
Togo continues to showcase its economic resilience and strong investor confidence, driven by the reforms and policies implemented under President Faure Gnassingbé’s leadership.
On August 22, 2024, the country achieved a significant milestone in the WAEMU public securities market by aiming to raise 30 billion FCFA through a simultaneous issuance of Treasury Bills (BAT) and Treasury Bonds (OAT). Togo successfully secured 29.4 billion FCFA from this operation.
This outcome highlights the robust demand for Togolese securities, with the offering attracting 33.5 billion FCFA, achieving an impressive coverage rate of 111.67%.
The short-term Treasury Bills, with a maturity of 182 days, brought in 12.3 billion FCFA, while the Treasury Bonds garnered 17.1 billion FCFA, with competitive interest rates of 6.15% and 6.40% for three- and four-year maturities, respectively.
This financial operation bolsters Togo’s standing in the regional financial market and underscores the success of its economic reforms aimed at attracting international capital.
With total revenue reaching 593.1 billion FCFA, Togo is on track to meet its annual target of 607 billion FCFA, reflecting the strength of its financial strategy.
The results of this transaction clearly demonstrate investors’ ongoing confidence in Togo’s stability and economic potential, further validating the effectiveness of the reforms spearheaded by President Faure Gnassingbé.
Chantal TAWELESSI
