While the 450 billion Eurobond controversy continues unabated, on 29 July the Senegalese government launched a simultaneous issue of two Treasury Bills (Bat) on the Uemoa market. The first was for 3 billion CFA francs, with a weighted average yield of 6.55% and a maturity of 3 months. The second was for FCFA 63,268 million, also with a weighted average yield of 6.71%.  The Uemoa website clearly states that “securities issued are redeemable on the first business day following the maturity date. Interest is payable in advance and deducted from the face value of the bonds”.

But the interest rate is not specified. Yesterday, Côte d’Ivoire carried out four operations with interest rates specified in the details of the offer posted on the uemoatitres.org website. What explains this silence?