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How heavily West African governments' auctions are bid

The eight WAEMU governments borrow in CFA francs at auctions run by UMOA-Titres. Bid cover, the bids received divided by the amount a treasury sought, shows how keen lenders are: above 1× means more was bid than asked. Here is each government's latest result and the median of its last 8 auctions, from every result UMOA-Titres has published. 7 of the eight have results on file; Guinea-Bissau's are not yet read.

Bids ÷ amount sought

Median bid cover, last 8 auctions

Benin5.79×Togo2.00×Burkina Faso1.88×Côte d’Ivoire1.62×Mali1.40×Senegal1.20×Niger1.00×1× = bids equal the amount sought
Median bid cover over the last 8 auctions: Benin 5.79×; Togo 2.00×; Burkina Faso 1.88×; Côte d’Ivoire 1.62×; Mali 1.40×; Senegal 1.20×; Niger 1.00×
ItemBid cover, times the amount sought
Benin5.79×
Togo2.00×
Burkina Faso1.88×
Côte d’Ivoire1.62×
Mali1.40×
Senegal1.20×
Niger1.00×

Source: UMOA-Titres, auction results · read 4 Nov 2026, computed by Afronomics

Latest auction and trend

Government by government

GovernmentLatest auctionBid coverMedian, last 8Previous 8One-year bill
Benin11 Jun 20262.34×5.79×3.31×6.27%22 May 2025
Togo7 Aug 20263.24×2.00×2.88×5.52%30 Apr 2026
Burkina Faso4 Nov 20261.66×1.88×1.62×3.59%
Côte d’Ivoire3 Nov 20261.62×1.62×1.23×3.85%
Mali28 Oct 20261.87×1.40×1.68×4.51%
Senegal23 Oct 20261.39×1.20×1.22×8.06%
Niger1 Oct 20261.00×1.00×1.00×8.70%

One auction is one UMOA-Titres issue: a treasury's bills and bonds sold together on one day. UMOA-Titres prints the amount sought once for the whole issue, so bid cover is the bids on all its lines divided by that amount. Bought-back lines (printed with negative amounts) and pure buyback or exchange operations are left out, as is any result above 25× (a figure misread from the page). The one-year bill is the weighted average yield of the issue's 12-month bill, dated where it comes from an earlier auction. Niger's recent results print total bids exactly equal to the amount sought, so its cover reads 1.00×.

The results behind the medians

Each government's last 8 auctions

Benin median 5.79×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
11 Jun 202620.046.822.02.34×—
14 May 202620.095.722.04.78×—
16 Apr 202620.0135.822.06.79×—
2 Apr 202620.0160.922.08.05×—
19 Mar 202630.0211.833.07.06×—
5 Mar 202630.0249.933.08.33×—
22 Jan 202660.0175.266.02.92×—
8 Jan 202660.078.260.01.30×—
Togo median 2.00×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
7 Aug 202620.064.922.03.24×—
24 Jul 202620.039.522.01.97×—
10 Jul 202625.046.726.51.87×—
26 Jun 202630.040.733.01.36×—
12 Jun 202635.070.738.52.02×—
29 May 202625.067.427.52.70×—
30 Apr 202663.563.563.51.00×5.52%
17 Apr 202630.091.833.03.06×—
Burkina Faso median 1.88×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
4 Nov 202630.049.830.01.66×3.59%
7 Oct 202640.073.440.01.83×3.73%
23 Sept 202645.070.245.51.56×3.70%
9 Sept 202650.062.350.01.25×3.95%
26 Aug 202645.086.349.51.92×4.11%
12 Aug 202645.0107.049.52.38×4.13%
29 Jul 202640.077.844.01.94×—
15 Jul 202640.085.444.02.14×—
Côte d’Ivoire median 1.62×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
3 Nov 202680.0129.344.21.62×3.85%
27 Oct 202685.0113.293.51.33×—
20 Oct 202685.0138.693.51.63×3.89%
6 Oct 202680.0108.088.01.35×—
29 Sept 2026100.0163.9110.01.64×4.06%
15 Sept 2026100.0126.0109.71.26×—
1 Sept 2026100.0240.0110.02.40×—
25 Aug 2026100.0230.1110.02.30×—
Mali median 1.40×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
28 Oct 202640.074.744.01.87×4.51%
14 Oct 202630.064.433.02.15×4.67%
30 Sept 202640.044.538.21.11×4.90%
16 Sept 202640.046.743.61.17×5.02%
2 Sept 202655.068.060.51.24×4.89%
19 Aug 202650.071.555.01.43×4.39%
5 Aug 202655.075.553.41.37×4.51%
22 Jul 202650.095.255.01.90×4.44%
Senegal median 1.20×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
23 Oct 202650.069.455.01.39×8.06%
9 Oct 202680.084.474.41.06×7.87%
25 Sept 2026150.0157.9157.91.05×7.99%
11 Sept 2026100.0109.0101.31.09×7.87%
28 Aug 202670.0113.877.01.63×7.85%
14 Aug 202670.0110.177.01.57×8.04%
6 Aug 202655.062.160.51.13×8.20%
31 Jul 202665.083.071.51.28×7.65%
Niger median 1.00×
AuctionSought (XOF bn)Bids (XOF bn)Accepted (XOF bn)Bid coverOne-year bill
1 Oct 202639.939.939.91.00×8.70%
29 Sept 202614.014.014.01.00×—
2 Jul 2026100.7100.7100.71.00×9.00%
21 May 2026180.8180.8180.81.00×9.88%
7 May 2026386.7386.7386.71.00×—
23 Apr 202635.029.629.60.85×—
9 Apr 202645.039.939.90.89×—
26 Feb 20266.76.76.71.00×—

For the rates on each bond, see the WAEMU bonds page; for what one-year money costs each government, the Senegal and Burkina Faso comparison. Information, not advice.

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Afronomics (2026). Afronomics WAEMU auction demand tracker. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/waemu-demand

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