On an initial target of 35 billion CFA francs (approximately 62 million USD), the Chadian public treasury only raised 29 billion CFA francs (nearly 52 million USD) on the sub-regional Treasury securities market between August 5 and 19, 2026, through three separate auction operations. This represents a global coverage rate of about 84%, gradually improving over the three outings.
The first session on August 5, 2026, focused on two bond lines totaling 20 billion CFA francs (around 36 million USD) sought. The two-year bond, with a 6.0% yield, attracted only 7.3 billion CFA francs (approximately 13 million USD) in demand, against the targeted 10 billion (around 18 million USD). The three-year bond, yielding 4.5%, performed better, with 7.8 billion CFA francs (nearly 14 million USD) collected in full. The combined two lines only managed to raise 15.1 billion CFA francs (about 28 million USD) out of the expected 20 billion (36 million USD).
Two weeks later, a new solicitation for a two-year bond, also at a 6.0% rate, received a much more favorable response. Out of 15 billion CFA francs (approximately 27 million USD) offered, subscriptions reached 14.2 billion CFA francs (around 25.3 million USD), fully retained, bringing the coverage rate to nearly 95%.
This recovery comes in a tense regional context. According to data published by the Central African States Bank (BEAC), the outstanding Chadian Treasury securities reached 1,150.5 billion CFA francs (approximately 2.05 billion USD) at the end of January 2026, representing about 12.2% of the total outstanding in the regional market, estimated at over 9,450 billion CFA francs (nearly 17 billion USD) at the same period, before crossing the symbolic threshold of 10,000 billion (around 18 billion USD) at the end of May 2026. Chad remains the fourth largest issuer in the area, behind Gabon, Congo, and Cameroon.
For the year 2026, the Chadian government plans to raise around 520 billion CFA francs (approximately 930 million USD) on this market, mainly through medium-term bonds. This strategy addresses a budget deficit estimated at 256.5 billion CFA francs (about 457 million USD), with the budget law forecasting expenses of 2,531.5 billion CFA francs (around 4.5 billion USD) for resources estimated at 2,275 billion CFA francs (approximately 4.05 billion USD). Other Chadian auctions conducted this year had not fully covered the amounts sought, a sign of increasing investor caution towards the country’s signature.
The pressure is not limited to Chad. The International Monetary Fund (IMF) has been calling for “a more active development of the secondary market for public securities in the CEMAC, in order to diversify the subscriber base and reduce the dependence of national treasuries on commercial banks.” This concentration mechanically limits the financing capacities available for the private sector in the region.
In this context of general tightening, the relative success of the latest Chadian operation in August appears more as a punctual signal than as a sustainable trend reversal. Ndjamena’s ability to honor its annual program of 520 billion CFA francs will largely depend on the confidence that regional banks continue to place in its sovereign signature.
