This operation translates to a marked rejection by subscribers. Indeed, out of eight issued tranches, only three found buyers, forcing the authorities to cancel five complete lines due to lack of demand. The main contribution comes from a 30 billion FCFA Treasury Bond line subscribed to at 100.3% with a maturity of three years at 6%, but with a discount bringing the purchase price between 91% and 93% of the nominal value. In parallel, two Treasury Bill issues of 13 weeks allowed for the raising of 20 billion and 16 billion FCFA respectively at rates of 6.4% and 6%.

The failure on the two- and four-year tranches highlights the disinterest of subscribers in non-bonus medium-term commitments. A 20 billion FCFA bond line offered at 5.5% received no orders, while a 5 billion FCFA offer was limited to a single proposal of 50 million FCFA, immediately rejected by the issuer. The deterioration of market conditions is set against a backdrop of global congestion in the CEMAC zone, where the total debt on the monetary market reached 10,020.5 billion FCFA at the end of May 2026, including 3,104.3 billion FCFA borne by Gabon.

The degradation of the average coverage rate of sub-regional auctions, from 77.1% in April to 72.1% in May, is accompanied by an increase in the average cost of borrowing, which jumped from 8.08% to 9.73%. The wariness of banking syndicates is growing as the states of the sub-region display cumulative borrowing intentions exceeding 4,000 billion FCFA for the entire 2026 fiscal year. The increased demands of subscribers require a revision of the remuneration conditions for future Gabonese public titles to ensure coverage of the state's treasury needs.


Ndjomo Carlos

Tags: marche financier gabon titres publics dette publique economie investissement emprunt taux d'interet marche monetaire