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The WAEMU Government Securities Market

The Government Securities Market is the sole regional auction-based platform exclusively dedicated to financing the eight member states of the WAEMU. Sovereign issuers employ tailored procedures to issue government securities, subscribed to by qualified market participants acting on their own behalf or on behalf of third parties.

Issuers

UMOA-Titres

Intermediaries

Investors

Market Participants

The Government Securities Market comprises four categories of participants with complementary roles.

Issuers (8 States).

The eight WAEMU Member States that issue securities to finance development projects and meet budgetary requirements.

Bénin, Burkina Faso, Côte d’Ivoire, Guinée-Bissau, Mali, Niger, Sénégal, Togo

Primary Dealers

Authorized financial institutions that participate directly in issuances and ensure secondary market liquidity.

Commercial Banks & Asset Management Firms

Banks & Investment Services Firms

Licensed banking institutions and asset management firms that facilitate investor access to the market through managed placements.

All authorized commercial banks and investment firms operating in the WAEMU zone

Categories of investors

Institutional investors

Companies

Institutional Investors

Financial Instruments Available on the MTP

Government securities available on the market respond to varying investment horizons.

BAT

Bons Assimilables du Trésor

Maturity inférieure à 2 ans

Les Bons Assimilables du trésor «BAT» sont des titres de créances à court terme émis par l’Etat par voie d’adjudication.

OAT

Obligations Assimilables du Trésor

Maturity supérieure à 3 ans

Les Obligations Assimilables du Trésor « OAT » sont des titres de créances à moyen et long terme, émis par l’Etat par voie d’adjudication.

Émissions souveraines

Les États UEMOA émettent régulièrement ces titres selon leurs besoins de financement. Tous les produits offrent une sécurité souveraine garantie par l’Etat émetteur.

États membres

Types d'instruments

Market Benefits

Sovereign placements combining security, competitive returns, and regional economic impact

Sovereign Security

Securities guaranteed by WAEMU Member States. Limited credit risk and institutional confidence.

Attractive Yields

Competitive rates addressing the needs of secure investments with regular income streams.

Regional Diversification

Access to eight sovereign issuers within a stable, integrated monetary zone.

Development Impact

Your investments finance critical infrastructure and public services across the WAEMU region.

Market Liquidity

Active secondary market enabling investors to liquidate positions prior to maturity.

Recurring Income

Receive guaranteed annual interest payments on a regular basis until the security reaches maturity.

Ready to Invest in the Government Securities Market?

Contact a Primary Dealer or authorized bank to open an investment account and access issuances.

Your Investment Journey: Three Steps.

Access to the Government Securities Market requires intermediation through an authorized representative. Here’s how to proceed.

1 Select an Intermediary

Contact a Primary Dealer or authorized bank to open a securities account.

Your intermediary will guide you through all administrative procedures and answer your questions

2 Open a Securities Account

Submit required documentation to your chosen intermediary.

Standard documents include: valid identification, proof of address, and the account opening form as specified by your intermediary.

3 Place Your Investment Order

Consult the issuance calendar and submit your investment order to your intermediary before the deadline.

Specify the amount, security type, and confirm your order with your advisor.

Please note:

Direct access to primary market issuances requires intermediation through an authorized representative. UMOA-Titres does not manage individual investor accounts.

Issuance Procedures

WAEMU Member States employ three tailored issuance procedures to meet their financing needs.

Sovereign Identification (Competitive Auction)

Open competitive auction available to all Primary Dealers for a specific sovereign line (primary or assimilated issuance)

Targeted Placement

Private placement to a selected investment group or syndicate to address specific financing requirements

Structured Issuance

Phased debt placement with established procedures to ensure optimal financing aligned with market demand.

Learn More About Issuance Terms

Ready to invest? Access the issuance calendar or use the UMOA-Titres simulator to plan your investments

Marché des Titres Publics

Les acteurs

Les produits

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Voies d'émission