The capital raised by the six member countries of Cemac amounts to 6,764.7 billion CFA francs by the end of March 2026, representing an increase of 18.7% or 1,064.8 billion CFA francs in additional resources compared to the 5,699.9 billion captured the previous year. The surge in subscriptions reflects the state of permanent tension affecting the public accounts of the sub-region.

Analysis of maturities reveals a strategic arbitrage in favor of the bond compartment to smooth the repayment profile of community debt. Treasury bond issuances (OTA) with maturities ranging from two to fifteen years account for the lion's share, with raises valued at 3,481.7 billion CFA francs. Debt managers overwhelmingly favor the 2-5 year segments, which capture 84.5% of medium-term placement intentions. In parallel, Treasury bills (BTA) dedicated to short-term treasury adjustments of up to one year generate a flow of 3,283 billion CFA francs, with the 52-week maturity line being the main lever for immediate optimization, collecting 1,161.9 billion CFA francs.

The massive interventions on the Treasury market result in a rapid expansion of the overall stock of public securities in circulation. The total volume of sovereign bond issuances increases by 13.9% to 9,625 billion CFA francs in March 2026, compared to 8,451.8 billion at the end of the first quarter of the previous period. The deepening of the BEAC's refinancing platform offers an essential liquidity alternative to commercial banks in the zone. However, the tightening of credit conditions poses a rigorous arbitrage challenge for public debt managers to contain the increase in exit rates and preserve the long-term viability of the monetary union's finances.


Asaba

Tags: marché des titres cemac finances publiques dette publique obligations du trésor bons du trésor beac zone cemac économie africaine marché financier