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Government Securities Market
A profitable and accessible investment opportunity
The Government Securities Market is the unique local market, by auction, exclusively dedicated to the financing of the WAEMU Member States.
These sovereign issuers proceed, through appropriate procedures, to the issuances of Government Securities subscribed by specific actors, either for their own account or for that of third parties.
What products are available on the WAEMU Government Securities Market ?
On the WAEMU Government Securities Market, investors can subscribe to Treasury bonds or/and bills.
Fungible Treasury Bills
Fungible Treasury Bills (T-Bills) are government short-term debt securities issued by way of invitation to tender.
Fungible Treasury Bonds
Fungible Treasury Bonds (T-Bonds) are government medium to long-term debt securities issued by way of invitation to tender.
Find out more about the auction paths of the WAEMU Government Securities Market
Open tender or Targeted tender
As part of Treasury bills and bonds issuance, WAEMU Member States use two types of tenders: open tender and targeted tender.
Through this means, all direct participants bid part of the security put out to tender by the issuer. Direct participants to date are banks, brokerage firms and regional financial institutions with a settlement account in the books of the Central Bank (article 3 of the Regulation n °06/2013/CM/UEMOA).
Other investors, individuals or companies can subscribe through credit institutions
and brokerage firms within WAEMU.
States may decide to hold part of their issuance through targeted auctions. These issues are restricted only to Primary Dealers of the issuing State in respect of the benefits granted to them. The day of the targeted tender, only the Primary Dealers are allowed to bid directly for the security.
Any investor who wishes to acquire the security put out to tender can subscribe
through the Primary Dealer of the issuing State.
Simultaneous issuance is a method of offering, on the same day, several securities based on an aggregated amount on behalf of the same issuer.
The bidding rules for a simultaneous issuance are identical to those of a classic issue.