Seeking a total envelope of 35 billion FCFA distributed across four distinct issuances, Brazzaville managed to raise only 19.09 billion FCFA, representing an overall coverage rate of just 54.5%. This mixed result occurred despite particularly attractive remuneration conditions for investors, hovering around 7% for assimilable Treasury bills and reaching an actuarial yield of approximately 10% on three-year assimilable Treasury bonds (OTA).


The most pronounced underperformance was observed in the longer-term segments and on short-term securities with a one-year maturity. For the 52-week Treasury bills, with a requested amount of 10 billion CFA francs, the market submitted only 250 million CFA francs in subscriptions, reflecting a meager coverage rate of 2.5%, with participation from just one of the 25 Treasury Securities Specialists (SVT) at a rate of 6.97%. On the 26-week maturities, the issuer captured 5.34 billion CFA francs out of the 10 billion sought, showing a coverage of 53.4% for an average weighted rate of 7%. As for the three-year OTA, featuring a nominal coupon of 6%, the loan attracted 3.5 billion CFA francs out of the 5 billion expected, awarded at 90% of its nominal value—a substantial discount that pushes its real yield to approximately 10%.

Only the reopening of an old OTA line at 6% maturing in March 2028 found full takers, recording 10.11 billion CFA francs in proposals for a target of 10 billion CFA francs, or 101.09% coverage, although the average weighted price stood at 90.59% of nominal value, confirming the discount demand formulated by investors. 


This situation echoes the discussions held on September 11 in Douala between the Congolese Treasury and the SVT, during which banking institutions expressed concerns about their overexposure to sovereign receivables, likely to restrict their maneuvering margins for new subscriptions. Despite this conjunctural setback, Brazzaville is preparing to return to the market as early as September 22, 2026, to attempt to mobilize an additional 40 billion CFA francs, through a program targeting 15 billion in 13-week bills, 5 billion in 52-week bills, and 20 billion on a 5.50% bond maturing in May 2027.


Asaba

Tags: marché des titres publics congo emprunt d'etat bons du trésor obligations du trésor taux de couverture rendement actuariel spécialistes en valeurs du trésor émission obligataire marché financier africain