Quarterly newsletter - No.01/ May 2016

Transcription

1 STATISTICAL BULLETIN OF GOVERNMENT SECURITIES Quarterly newsletter - No.1/ May 216 BETTER UNDERSTAND GOVERNMENT SECURITIES MARKET Agence UMOA-Titres is a regional agency supporting the issuance and management of Government securities in the WAMU area. The agency has been tasked to assist the Member States of the Union in raising financial resources at reasonable costs

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3 S U M M A R Y 1. The WAMU securities market 1 P Summary sheets of the Union (with indicators) P Primary market : Focus on the first quarter and achievements since the beginning of 216 P Outstanding of Government securities market P The second quarter of 216 schedule P Analysis of the secondary market (invitation to tender) P Eurobonds P Countries analysis P Benin P Burkina P Côte d Ivoire P Guinea-Bissau P Mali P Niger P Senegal P Togo P Analysis outside the Eurobondss Publication Director : Mr Adrien DIOUF, Director of Agence UMOA-Titres Managing Director : Department of Communications, Investor relations and Promotion of public securities 3

4 1. The WAMU securities market 1.1. Summary sheets of the Union (with indicators) Macroeconomic indicators * GDP Growth rate 4,4,9 6,7 6, 6,6 6,6 7,2 Overall fiscal balance (% GDP) -1,3-1,8-2,3-2,8-3,3-3,8-3,7 Current account balance -9,8-8,9-8 -7,1-6,2-5,3-5,8 Money supply/gdp 34, 35,9 35,5 36,8 39,3 41,6 41,6 Savings rate , Inflation rate, annual average 1,4 3,9 2,4 1,5 -,1 1, 1,4 Investment rates Sources: BCEAO, estimates , (*) Projections Quarterly overview of financial operations Level at end of March In billion FCFA * Revenue and donations 1 387, , , , ,4 Expenditure , , ,5 2 82, ,5 Total budgetary balance -1587,2-1973,2-313,8-353,5-296,2 % of GDP -3,3-3, ,7 Sources: BCEAO. (*) Projection Short-term indicators T4 T1 T2 T3 T4 Janv. Févr. Industrial production, YOY (in %) 9,5 1,5 5,3 7,2 11,5 7,6 9,6 Index retail trade turnover 9,4 6,3 8,3 3,7 5,2 9,3 9,7 Changing money supply (stocks end of period, YOY (in %)) 14,4 16,3 16,6 16,2 14,4 14,1 - Dec. Sept. Oct. Nov. Dec. Jan. Feb. 1 week interbank rates (monthly averages) 3,44 3,61 3,64 3,22 3,58 3,71 3,8 one (1) month 5,16 4,89 4,33 5,4 3,8 4,6 4,86 Consumer prices, YOY (in %),4 1,1 1,3 1,4 1,3 1,,9 Sources: BCEAO, estimates , (*) Projections 4

5 Public finance: investments, deficit and debt Debt, Investment and fiscal deficit in WAEMU ( ) % of GDP En % du PIB Internal debt (%PIB) Total public debt Public investment rate External debt (%PIB) Overall investment rate Overall fiscal balance (right scale) Source: IMF. March 216 and BCEAO 1.2. Primary market: Focus on the first quarter and achievements since the beginning of Total volume 1 raised and mean residual life Issuer Total amount raised (in billions) Mean residual life to date Benin Burkina Côte d'ivoire Guinea-Bissau Mali Niger Senegal Togo hese volumes have been raised by tender 5

6 Total volume raised and distribution by issuer Total volume raised and distribution by issuer Benin Burkina Côte d'ivoire Guinea Bissau Mali Niger Senegal Togo Invitation to tender Syndication Total volume raised and distribution by issuer Togo; 12% Benin; 8% Burkina; 12% Senegal; 31% Côte d'ivoire; 18% Niger; 8% Mali; 11% 6

7 Total volume raised and distribution by maturity Total volume raised and distribution by maturity months 6 months 1 year 2 years 3 years 5 years 7 years Total volume raised and distribution by maturity 7 years; 19% 3 months; 7% 6 months; 7% 5 years; 8% 1 year; 2% 3 years; 19% 2 years; 2% 7

8 1.3. Outstanding of Government securities market Outstanding by issuing Distribution of the market's outstanding by issuing invitation to tender Syndication Outstanding by issuer Distribution of the outstanding of Government securities market Benin Burkina Côte d'ivoire Guinea- Bissau invitation to tender Mali Niger Senegal Togo 8

9 Distribution of the outstanding of Government securities market Togo; 8% Benin; 12% Senegal; 2% Burkina; 7% Niger; 5% Mali; 1% Guinea-Bissau; % Côte d'ivoire; 38% Analysis of Government securities portfolio Distribution of Government Securities Portfolio Benin Burkina Côte d'ivoire Guinea Bissau Mali Niger Senegal Togo 9

10 Distribution of Government Securities Portfolio Togo; 11% Benin; 15% Senegal; 19% Burkina; 7% Niger; 6% Côte d'ivoire; 29% Mali; 13% Guinea Bissau; 1% Repayment profile of public debt (debt service) Repayment profile of public debt Principal Coupon 1

11 222; 4% 223; 1% 224; 1% 221; 5% Debt service 225; 1% 216; 21% 22; 1% 219; 14% 217; 22% 218; 21% Repayment profile of the upcoming quarter Repayment profile of the second quarter ,1 33, 21,3 16, 2,1 21,4 41,8 1,3 5,2 2,6 115,2 3,6 1,1 14,8 8,8 Burkina Cote d'ivoire Mali Niger Senegal Togo Burkina Cote d'ivoire Mali Senegal Burkina Cote d'ivoire Senegal Togo Principal voucher 5,9 4, 15,6 75,7 44, 41,9 54,3 9,3 Apr-16 May-16 Jun-16 11

12 1.4. The second quarter of 216 schedule Description of WAMU Member States issuance for the second quarter of 216 (in billion of Francs CFA) Month Issuer Day Instruments April Maturity (in years) Issuance procedure Amount Burkina Faso 7 OT 5 Invitation to tender 4 Côte d'ivoire 12 BT 1 Invitation to tender 5 Benin 13 BT 1 Invitation to tender 3 Niger 14 BT ½ Invitation to tender 4 Senegal 19 BT 1 Invitation to tender 3 Mali 2 OT 7 Invitation to tender 36 Côte d'ivoire 21 OT 7 Invitation to tender 7 Mali 25 OT 7 Syndication 65 Togo 25 OT 3 Invitation to tender 3 Total 43 Guinea-Bissau 28 BT ½ Invitation to tender 12 May Senegal 1 OT 5 Syndication 15 Côte d'ivoire 3 OT 3 Invitation to tender 61 Côte d'ivoire 1 OT 1 Syndication 15 Burkina Faso 19 BT ½ Invitation to tender Togo 25 BT 2 Invitation to tender 2 June Benin 9 BT 2 Invitation to tender 3 Mali 15 BT 2 Invitation to tender 3 Burkina Faso 16 OT 3 Invitation to tender 4 1 Total issuance by Invitation to tender 559 Total issuance by public offerings 365 Total issuance

13 1.5. Analysis of the secondary market 2 (invitations to tender) Trend of the transactions volume Trend of the transactions volume Securities traded in the first quarter of Jun Oct Mar-23 9-Dec Oct Mar-21 5-Aug-19 9-Jan Feb Mar-2 15-Jul-2 2-Aug Jun Oct Oct Feb Jan-19 Jan Feb March Apr May June July Aug Sept Oct Nov Dec Jan Feb March Securities traded in the first quarter of 216 CI - 5,99% CI - 1 5,8% years SN -- 55,9% years CI - 5,25% 7 years CI - 5,8% 5 years ML years 6% CI - 5-6% years CI - -BT 5 years - CI 24 -BT months - 24 CI - months 6,5% SN -- 75,9% years CI -BT - 5 years - CI 12 -BT months - ML 24 - months 6,25% CI -BT years BJ 24 -BT months - SN 12 - months 5,5% - 3 years 2 - Analysis of the transactions of securities issued by tender between banks 13

14 Distribution of the volumes traded by issuer Securities traded in the first quarter of 216 Senegal; 18% Benin; % Mali; 9% Cote d'ivoire; 73% Ratio Nominal/Oustanding 15% 1% 12,2% end 215 end March 216 5% % 1,86% 1,3%,67%,48%,61%,91% 1,12%,4% Benin Burkina Faso Cote d'ivoireguinée Bissau Mali Niger Senegal Togo 14

15 Eurobonds Description of the securities Issuer Wording ISIN Maturities (in years) Date of issuance Amount issued (millions USD) Issuance price Output upon issuance Senegal Cote d'ivoire Senegal SN - 8,75% - 1 years - 13.May.21 (EB) CI - 5,375% - 1 years - 23.July.24 (EB) SN - 6,25% - 1 years - 3.July.24 (EB) XS , 13/5/ ,574 9,32 XS , 23/7/ ,18 5,7 XS , 3/7/ , Secondary market rates 15

16 2. Countries analysis 2.1. Benin Identity card (with indicators) Macroeconomic indicators * GDP Growth rate 2,1 3, 4,6 6,9 6,5 5,2 5,8 Overall fiscal balance (% GDP) -1,5-1,4 -,4-1,7-1,9-5,4-4,2 Current account balance -7,6-6,6-7,1-7,4-9,2-7,7-7,8 Money supply/gdp (%) 36,9 39,9 39,7 41,5 45,1 45,9 48,3 Savings rate 2,9 2,4 3,1 3,6 2,1 1,4 1,5 Inflation rate, annual average 2,1 2,7 6,7 1, -1,1,3 1,5 Investment rates , 3 31 Sources: BCEAO, estimates , (*) Projections or provisional data Quarterly overview of financial operations Level at end of March En Mds FCFA * Revenue and donations 824,9 89,8 189,2 197,8 976,4 Expenses 916, ,7 214,7 226,3 1 24,7 Total budgetary balance -91,7-268,9-25,5-28,5-228,3 % of GDP -1,9-5, ,2 Sources: BCEAO, estimates , (*) Projections or provisional data Short-term indicators * T4 T1 T2 T3 T4 Janv. Févr. Industrial production, YOY (in %) -2,7-25,8-35,6-7,8-8,5 Index retail trade turnover 6,6 27,7 35,1 48, 34,3 Changing money supply (stocks end of period, YOY (%)) 17,7 16,6 8,5 2,9 7,1 - Déc. Sept. Oct. Nov. Dec. Jan. Feb. Synthetic indicator of the economic situation (ISC). YOY (%) *. 1,5,5,5,8,6 Consumer prices, YOY (in %) -,7 -,2 1,1 2,3 2,3 -,1 -,1 Sources: BCEAO, estimates , (*) Projections or provisional data (**) This indicator is the result of algebraic synthesis of economic activity sectoral indicators determined from 16

17 Public finance: investments, budget balance and debt Benin : Debt, Investment and Fiscal balance 5 % of GDP Total public debt Public investment rate Overall investment rate Overall fiscal balance (right scale) Source: IMF. March 216 and BCEAO The primary market Focus on the first quarter and achievements since the beginning of 216 Country analysis Benin By invitation to tender ,5 2 27,5 1 year 3 years 17

18 List of issuance (amount in billion CFA) Wording Date of issuance Maturity (years) Means of Issuance Amount announced Amount tendered Amount withheld Marginal rate Weighted average rate BJ - 5.5% - 3 years - 13.January.19 12/1/16 3 Invitation to tender % 5.63% BJ - BT - 12 months - 15.February.17 17/2/16 1 Invitation to tender % 5.36% BJ - 5.5% - 3 years - 16.March.19 15/3/16 3 Invitation to tender % 6.6% Weighted average cost of debt per maturity since the beginning of 216 Weighted average cost year 3 years 18

19 Output rate trend since the beginning of 216 7,% Output rate trend 6,% 5,% 4,% 16-Jan Feb Mar Apr May-14 2-Jun Jul Aug-14 1-Oct Oct Jan Feb Mar Apr May Jun-15 9-Jul Jul Aug-15 1-Oct Oct-15 3-Dec Dec Jan Feb Mar-16 BT-1 BT-1 yearbt-2 yearyears BT-1 BT-1 year BT-1 yearbt-2 yearyears BT-1 OT-7 yearbt-2 years years BT-1 BT-1 yearot-7 yearbt-2 yearsbt-2 yearsot-7 yearsot-3 yearsot-5 yearsot-5 yearsot-3 yearsot-5 yearsot-7 yearsot-5 yearsot-3 years BT-1 OT-3 year years Outstanding Level of outstanding public debt (amount in billion CFA) Identifier Wording Due date Outstanding B622G1 BJ - 5.5% - 1 years - 8.July Jul B662G7 BJ - 6% - 1 years - 16.september sept B642F1 BJ - 6.5% - 7 years - 22.october oct BJ17 CAA BENIN 6.5% (5 years) 9. nov B6511B4 BJ - BT - 24 months - 8.July Jul-16 4 B6532F1 BJ - 6.5% - 7 years - 1.october oct B6541B1 BJ - BT - 24 months - 2.october oct-16 4 B6572F7 BJ - 6.5% - 7 years - 19.March March B6581B7 BJ - BT - 24 months - 16.April Apr B6591B6 BJ - BT - 24 months - 11.May May B662C9 BJ - 5.5% - 3 years - 9.July Jul B6612E4 BJ % - 5 years - 31.July Jul-2 11 B6622F BJ - 6.5% - 7 years - 3.December dec B6632E2 BJ % - 5 years - 18.December dec-2 55 BJ642 BJ - 5.5% - 3 years - 13.January Jan BJ659 BJ - BT - 12 months - 15.February Feb

20 Debt service (Government securities) by year Debt service Principal voucher Millions Debt service 221; 7% 222; 5% 216; 15% 22; 13% 217; 19% 219; 2% 218; 21% Analysis of the second quarter Projected issuance Date of issuance Instrument Means of Issuance Maturity (years) Amounts (billion) 13/4/16 BT Invitation to tender 1 3 9/6/16 BT Invitation to tender 2 3 2

21 Maturities of the quarter Instrument Date Principal Voucher BJ - BT - 12 months - 12.April Apr Analysis of Government securities portfolio Geographic distribution of Benin's security holders Geographic distribution of Benin's security holders Senegal; 11,82% Togo; 5,41% Niger; 3,47% Benin; 38,34% Mali; 7,42% Guinea-Bissau;,25% Côte d'ivoire; 13,24% Burkina Faso; 2,5% 21

22 2.2. Burkina Faso Identity card (with indicators) Macroeconomic indicators * GDP Growth rate 8,4 6,6 6,5 6,2 4, 4, 5,5 Overall fiscal balance (% GDP) -4,4-2,3-3,1-3,5-1,8-2,5-3,7 Current account balance -2, -1,5-1,5-11,1-8, -4,5-3,1 Money supply/gdp (%) 29,7 29,7 3,5 32,2 34,5 39,3 39,7 Savings rate , Inflation rate, annual average -,6 2,8 3,8,5 -,3 1,,8 Investment rates 25,4 28, 3,8 34,1 32,3 31,8 3,6 Sources : BCEAO, estimates , (*) Projections or provisional data Quarterly overview of financial operations Level at end of March In billion FCFA * Revenue and donations 1 321, ,8 299,3 263,7 1 63,4 Expenditure 1 434, ,5 266,7 272,5 1 86,7 Total budgetary balance -113,6-163,7 32,5-8,8-257,3 % of GDP -1,8-2, ,7 Sources : BCEAO, estimates , (*) Projections or provisional data Short-term indicators * T4 T1 T2 T3 T4 Janv. Févr. Industrial production, YOY (in %) 5,8 9,2 15,9 12,7-2,2 Index retail trade turnover 4,4 1,4 2,7 2, 17,9 Changing money supply (stocks end of period, YOY (%)) Synthetic indicator of the economic situation (ISC). YOY (%) *. 12,3 14,8 1,6 12, 19,7 - Dec. Sept. Oct. Nov. Dec. Jan. Feb. 1, 2,4 2,2 2, 2,2 Consumer prices, YOY (in %) -,2,7 1,9 2,2 1,3 -,2 -,2 Sources: BCEAO, estimates , (*) Projections or provisional data (**) This indicator is the result of algebraic synthesis of sectoral indicators of economic activity determined from balances of opinion from business leaders 22

23 Public finance: investments, budget balance and debt Burkina : Debt, Investment and Fiscal balance % of GDP Total public debt Public investment rate Overall investment rate Overall fiscal balance (right scale) Source : FMI, mars 216 et BCEAO The primary market Focus on the first quarter and achievements since the beginning of 216 By invitation to tender months 1 year 2 years 23

24 List of issuance (amount in billion CFA) Wording Date of issuance Maturity (years) Issuance Amount announced Amount submitted Amount withheld TM TMP BF - BT - 6 months - 2.July.16 2/1/16 1/2 Invitation to tender 35 78,4 38,5 4,75% 4,57% BJ - BT - 12 months - 16.February.17 18/2/16 1 Invitation to tender 35 53, ,6% 5,14% BJ - BT - 12 months - 16.February.17 1/3/16 2 Invitation to tender 4 61,94 4 5,45% 5,29% Weighted average cost of debt per maturity since the beginning of 216 Weighted average cost 6 months; 13% 2 years; 61% 1 year; 26% Output rate trend since the beginning of 216 7,% 6,% 5,% 4,% 3,% 23-Jan Mar-14 9-May-14 1-Jul Sep-14 1-Dec Dec-14 Output rate trend 6,51% 5,99% 5,93% 6,5% 6,% 5,22% 5,14% 4,92% 5,29% 4,83% 4,57% 4,29% 4,34% 4,29% 4,37% 4,57% 3,87% 3,97% 3,91% 4,2% 21-Jan-15 6-Mar Apr-15 2-May Jun-15 7-Aug Sep Oct Dec Jan Feb Mar-16 8-Apr-16 BT-3 months BT-4 months BT-5 months BT-6 months BT-6 months BT-6 months OT-5 years BT-3 months BT-6 months BT-6 months OT-5 years OT-5 years BT-6 months BT-6 months BT-6 months OT-5 years BT-6 months BT-1 year BT-2 years OT-5 years 24

25 Outstanding Level of outstanding public debt (amount in billion CFA) Identifier Wording Due date Outstanding C612G BF - 5.5% - 1 years - 29.July July C6222F7 BF - 6.5% - 7 years- 17.September.16 BF - 6.5% - 7 years - 2.May C6252F4 BF - 6.5% - 7 years - 2.May.17 2 May BF166 TPBF 6.5% (5 years) 21. dec C6382E2 BF - 6.5% - 5 years- 25.October oct BF182 TPBF 6.5% (7 years) 29. nov C652E5 BF % - 5 years - 31.December Dec BF -BT - 6 MONTHS- 19.APRIL.16 BF - 6% - 5 years - 2.May.2 2 May-2 66 C BF - BT - 6 months - 19.April Apr C6582D1 BF - 6% - 5 years - 16.December dec BF497 BF - BT - 6 months - 2.July Jul BF55 BJ - BT - 12 months - 16.February Feb BF513 BF - BT - 24 months - 8.March.18 8 March

26 Debt service (Government securities) by year Debt service 2 15 Principal Voucher Debt service 22; 9% 219; 12% 216; 35% 218; 2% 217; 24% 26

27 Analysis of the second quarter Projected issuance Date of issuance Instrument Issuance Maturity (years) Amounts (billion) 7/4/16 OT Invitation to tender /5/16 BT Invitation to tender 1/2 4 16/6/16 OT Invitation to tender Maturities of the quarter Instrument Date Principal Voucher BF - BT - 6 months - 19.April Apr BF - 6% - 5 years - 2.May.2 2 May BF - 6.5% - 7 years - 2.May May TPBF 6.5% (7 years) 29 May BF % - 5 years - 31.December.19 3 June

28 Analysis of Government securities portfolio Geographic distribution of Burkina's security holders Geographic distribution of Burkina's security holders Senegal; 11,39% Togo; 4,26% Benin; 9,71% Niger; 4,5% Mali; 6,11% Guinea-Bissau;,2% Côte d'ivoire; 6,67% Burkina Faso; 57,15% 28

29 2.3. Côte d Ivoire 2.3.1Identity card (with indicators) Macroeconomic indicators * GDP Growth rate 2, -4,4 1,7 9,2 8,5 9,5 9,8 Overall fiscal balance (% GDP) -1,8-4, -3,1-2,2-2,2-3,6-3,3 Current account balance 1,9 1,3-1,2-1,3-1,2-1,5-2,5 Money supply/gdp (%) 33,7 37,7 35,5 35,4 37,6 4,1 38,9 Savings rate 2,7 2,2 19,2 21,9 19,7 2,2 21,9 Inflation rate, annual average 1,7 4,9 1,3 2,6,5 1,2 1,9 Investment rates 13,4 4, 15, 19, 17, 17,5 2,4 Sources : BCEAO, estimates , (*) Projections or provisional data Quarterly overview of financial operations Level at end of March In billion FCFA * Revenue and donations 3 293,3 3 93,5 728,6 873, ,4 Expenditure 3 669, ,8 84,4 1 85, ,2 Total budgetary balance -376,2-676,3-75,8-212,4-69,8 % of GDP -2,2-3, ,3 Sources: BCEAO, estimates , (*) Projections or provisional data Short-term indicators * T4 T1 T2 T3 T4 Janv. Févr. Industrial production, YOY (in %) 1,6-3,6 3,9 1,3 26, Index retail trade turnover,4 8,6 8,1 4,9 11,3 Changing money supply (stocks end of period, YOY (%)) 15,9 19,3 22, 23,6 18,8 - Dec. Sept. Oct. Nov. Dec. Jan. Feb. Synthetic indicator of the economic situation (ISC). YOY (%) *. 1,9 5,2 5,3 5,3 5,3 Consumer prices, YOY (in %),9,8,5,8 1,4,3,8 Sources : BCEAO, BCEAO, estimates , (*) Projections or provisional data (**) This indicator is the result of algebraic synthesis of sectoral indicators of economic activity determined from balances of opinion from business leaders 29

30 Public finance: investments, budget balance and debt Ivory Coast : Debt, Investment and Fiscal balance % of GDP Total public debt Public investment rate Overall investment rate Overall fiscal balance (right scale) The primary market Focus on the first quarter and achievements since the beginning of 216 By First invitation quarter of to 216 tender Invitation by tender Syndication years 12 years 3

31 List of issuance (amount in billion CFA) Wording CI - BT - 24 months - 13.February.18 Value date Maturity (years) 17/2/16 2 Issuance Invitation to tender Amount announced Amount submitted Amount withheld Marginal rate Weighted average rate ,5% 4,72% Weighted average cost of debt per maturity since the beginning of 216 Weighted average cost 4,72% 5,% 2,5%,% 2 ans Output rate trend since the beginning of 216 Output rate trend 8,5% 6,5% 4,5% 2,5% 16-Jan Feb-14 7-Mar Mar Apr Apr-14 2-May Jun Jul-14 5-Aug Oct Oct Dec Dec Jan May Jun Jun-15 5-Aug-15 5-Oct Oct-15 4-Nov-15 5,1% 28-Dec-15 6,9% 17-Feb-16 6,98% 5,14% 5,57% 6,84% 6,54% 5,76% 6,29% 6,9% 5,88% 5,88% 3,2% 5,93% 5,52% 5,98% 5,98% 3,99% 4,3% 5,93% 5,84% 4,48% 5,83% 4,72% BT-1 OT-7 year years OT-7 years BT-1 BT-2 year years OT-8 OT-8 yearsyears* BT-2 years OT-3 years OT-5 years OT-5 years OT-5 OT-1 yearsot-7 years* years* BT-2 yearsot-1 years* years BT-1 year BT-1 OT-7 yearyears* OT-7 years BT-2 OT-5 yearsyears* BT-2 years 31

32 Outstanding Level of outstanding public debt (amount in billion CFA) Identifier Wording Due date Outstanding A612F6 CI - 7% - 7 years - 9.September sept A6322F9 CI - 7% - 7 years - 19.February Feb CI112 TPCI 7% (7 years) 1. oct CI138 TPCI 6.5% (5 years) 15 - sept A6D42E1 CI % - 5 years - 9.December dec A6D62E9 CI - 6% - 5 years - 7.March.17 7 March CI187 TPCI 6.5% (5 years) 19 - sept A6E22F8 CI - 6.5% - 7 years - 29.March.2 29 March CI113 TPCI 6% (3 years) 8. Jul A6E52E8 CI - 6.4% - 5 years - 1.July Jul A6E72F3 CI - 6.5% - 7 years - 29.March.2 29 March CI1129 TPCI 6.3% (5 years) 3. dec A6F52F2 CI - 6.5% - 7 years - 26.February Feb A6F62F1 CI - 6.5% - 7 years - 7.March.21 7 March A6F81B CI - BT - 24 months - 12.April Apr A6F92T9 CI % - 8 years - 29.April Apr CI116 TPCI 6.55% (8 years) 2 May A6G1B6 CI - BT - 24 months - 21.June June A6G12C1 CI - 6% - 3 years - 15.July Jul A6G22E6 CI - 6% - 5 years - 5.August.19 5 August A6G32E5 CI - 5.8% - 5 years - 16.October oct A6G42E4 CI - 5.8% - 5 years - 29.October oct CI1293 TPCI 3% (1 years) 19. dec CI131 TPCI 5.85% (7 years) 19. dec A6G51B1 CI - BT - 24 months - 9.January Jan CI1681 TPCI 5.99% (1 years) 14 May A6G62G7 CI % - 1 years - 11.June June A6G71A1 CI - BT - 12 months - 21.June June A6G81A CI - BT - 12 months - 2.August.16 2 August CI? TPCI 5.85% (7 years) 5. oct A6G92F6 CI % - 7 years - 14.October oct A6H1B4 CI - BT - 24 months - 31.October oct-17 5 CI2? TPCI 5.75% (5 years) 28. dec-2 15 CI1756 CI - BT - 24 months - 13.February Feb

33 Debt service (Government securities) by year Debt service Principal Voucher Debt service 223; 2% 224; 2% 225; 1% 222; 5% 221; 8% 216; 22% 22; 12% 217; 17% 219; 14% 218; 17% 33

34 Analysis of the second quarter Issuance scheduled for the quarter Date of issuance Instrument Issuance Maturity (years) Amounts (billion) 8/4/16 OT Syndication /4/16 BT Invitation to tender /4/16 OT Invitation to tender 7 7 3/5/16 OT Invitation to tender /5/16 OT Syndication Maturities of the quarter Instrument Date Principal Voucher TPCI 5.85% (7 years) 5 Apr CI - BT - 24 months - 12.April Apr CI - BT - 12 months - 11.April Apr CI - 5.8% - 5 years - 16.October Apr CI % - 8 years - 29.April Apr CI - 5.8% - 5 years - 29.October Apr TPCI 5.99% (1 years) 14 May TPCI 6.55% (8 years) 2 May CI - 6.5% - 7 years - 26.February May TPCI 6.3% (5 years) 3 June CI % - 1 years - 11.June June TPCI 3% (1 years) 19 June TPCI 5.85% (7 years) 19 June CI - BT - 24 months - 21.June June CI - BT - 12 months - 21.June June TPCI 5.75% (5 years) 28 June

35 Analysis of Government securities portfolio Geographic distribution of Côte d'ivoire's security holders Geographic distribution of Côte d'ivoire's security holders Togo; 3,55% Benin; 11,64% Senegal; 18,34% Burkina Faso; 1,46% Niger; 1,56% Mali; 8,35% Guinea-Bissau;,28% Côte d'ivoire; 45,82% 35