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The Senegalese government finally met its March deadlines, particularly regarding its international debt. However, during the past week, it significantly increased its activity on the regional government securities market. These operations generated at least 268.2 billion CFA francs.
Indeed, it raised 110 billion CFA francs in an operation completed on Thursday, March 13th. This involved a 350-day Treasury Bill (BAT) which attracted 149 billion CFA francs in bids, representing an oversubscription rate of 149%. The successful bids came from Côte d'Ivoire (59.3 billion), Senegal (49.6 billion), and Benin (929 million).
The other fundraising took place four days before the critical deadline of March 13th. On that day, a transaction of 108.2 billion CFA francs was completed. Specifically, the State of Senegal raised 22.4 billion CFA francs through a 364-day Treasury Bill and 85.8 billion CFA francs through a 3-year Treasury Bond.
On the same day, March 9th, the Treasury also raised 50 billion FCFA through a 364-day Treasury Bill. This comes after 31.9 billion FCFA had been offered through 3-year and 5-year Treasury Bonds (OATs), but these offers were rejected. A rather intriguing decision.
These auctions are characterized by the predominance of very short maturities. This has not escaped the attention of specialists. "The 50 billion retained was exclusively for 364-day Treasury Bills (BATs), while 3-year and 5-year Treasury Bonds (OATs) saw no retentions, despite existing bids. This means that the financing obtained was solely short-term, which increases the refinancing risk for the State," notes Professor Amath Ndiaye.
In an opinion piece, the economist points out that analysis of the March 9th auction on the regional government securities market shows that, while Senegal continues to access financing, conditions are becoming increasingly cautious. "Several indicators point to a gradual weakening of investor confidence," he warns.
He also points out that this operation is already taking place outside the schedule initially submitted to UMOA-Titres. And in financial markets, an off-schedule auction often reflects a pressing cash flow problem, forcing the issuer to quickly raise funds.
Youssouf SANÉ
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