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Auction is an acquisition technique of movable and real property assets through a bidding system.
In finance, it is an issuance technique of bills and bonds. Auction is regularly held by States to invest their Treasury bills and bonds. The beneficiary bidder of all or part of the award is called the awardee.
As part of Treasury bills and bonds issuance, WAMU Member States use two types of tenders.
Through this means, all direct participants bid part of the
security put out to tender by the issuer. Direct participants to date are credit
institutions, 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.