Home > WAEMU Government securities market

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.

The stakeholders of the WAEMU Government Securities Market are the sovereign issuers, the market intermediaries (banks and brokerage firms) and the investors.

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.


Synthetic Bond

Synthetic Bond (SB) is defined as a structured product consisting of several instruments for bullet amortization.


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.

Open 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.

Targeted tender

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

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.