Togo: obligations, indices, notations de crédit

Togo is a member of the eight-country regional group, the Union Economique et Monétaire Ouest-Africaine (UEMOA). The group’s currency system is managed by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO). The CFA franc currency (XOF) is currently pegged to the euro at a rate of XOF655.96 = EUR1 (effective 1 January 1999). Togo generally issues a limited number of short-term instruments, with nearly all 2013 activity based around 182- to 364-day T-bills. However, one 5-yr, XOF35 trn bond is planned to be issued in August, although bonds of this maturity are an unusual. Given the relatively small size of the economy, Togo accounts for only 8% (XOF160 trn) of total planned UEMOA issuance in 2013. • The yield curve has extended to 10-years. • Across UEMOA, T-bills are issued with following tenors through the BCEAO: 28-, 91-, 182-, 364- and 728-days. • Bonds are issued with 3-yrs and above tenor (mainly 5- and 7-yrs). Bonds are issued either on the regional stock exchange, the BRVM, or on the money market, via the BCEAO.