West African countries to issue $1.4 billion in coronavirus bonds

The members of the West African monetary union UEMOA plan to raise 846 billion CFA francs ($1.40 billion) on the regional debt market in response to the coronavirus crisis, lead manager UMOA-Titres said on Thursday.

The issue of the so-called COVID-19 social coupons will begin next Monday, UMOA-Titres said in an emailed announcement, adding that the instrument would benefit from access to a special refinancing office at the regional central bank.

UEMOA's members are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.