The financial indicator shows an increase of 18.7% compared to the 5,699.9 billion FCFA recorded at the same period during the previous fiscal year. The nominal increase of 1,064.8 billion FCFA confirms the six member states' dependence on the regional issuing institution to alleviate recurring public treasury tensions.

The breakdown of awards highlights a favorable technical arbitrage for intermediate-maturity securities. Treasury bonds (OTA), with maturities ranging from 2 to 15 years, capture a significant portion of the market with 3,481.7 billion FCFA raised. Public debt management offices prioritize emissions towards the 2-5 year segments, which account for 84.5% of the total bond market. Meanwhile, Treasury bills (BTA), dedicated to short-term refinancing of less than 12 months, generated a flow of 3,283 billion FCFA, with a marked focus on 52-week maturities, which account for 35.4% of the monetary compartment, totaling 1,161.9 billion FCFA.

The attractiveness of sovereign instruments stimulates the expansion of domestic debt contracted on the regional market. The total outstanding public securities in circulation increased by 13.9%, rising from 8,451.8 billion FCFA in March 2025 to 9,625 billion FCFA at the end of the first quarter of 2026. However, the surge in bond emissions exposes finance ministers to an increase in the cost of money, due to the tightening of banking liquidity conditions. The challenge for debt managers now lies in their ability to preserve access to the BEAC's counters while smoothing the repayment schedule to avoid asphyxiating national budgets.


Asaba

Tags: marché des titres cemac états de la cemac dette publique finances publiques beac institut d'émission trésorerie publique marché régional