On 9 October 2026 Senegal's treasury sold one-year bills at a weighted average yield of 7.87%. Two days earlier Burkina Faso's treasury sold the same paper, in the same currency, at 3.73%.
Same CFA franc, same central bank, same regional market run by UMOA-Titres. Senegal paid 2.11 times as much (7.87 ÷ 3.73). At those yields a year's interest on XOF 100m is XOF 7.87m for Senegal and XOF 3.73m for Burkina Faso.
A year ago the two were 0.43 points apart, and Senegal was the cheaper borrower.
One year, four treasuries
| One-year bill | A year ago | Latest | Change |
|---|---|---|---|
| Senegal | 7.18% (10 Oct 2025) | 7.87% (9 Oct 2026) | +0.69 points |
| Mali | 7.63% (1 Oct 2025) | 4.90% (30 Sep 2026) | −2.73 points |
| Côte d'Ivoire | 6.88% (9 Sep 2025) | 4.06% (29 Sep 2026) | −2.82 points |
| Burkina Faso | 7.61% (24 Sep 2025) | 3.73% (7 Oct 2026) | −3.88 points |
Weighted average yield of accepted bids, as printed on each UMOA-Titres result page. "A year ago" is each treasury's last one-year sale on or before 14 October 2025.
(Facts) A year ago the four sat between 6.88% and 7.63%, a spread of 0.75 points. Today the spread is 4.14 points, and Senegal is the dearest of the four. Its gap over Côte d'Ivoire went from 0.30 to 3.81 points. Senegal's own rate has risen 1.25 points since 27 March 2026, when it paid 6.62%.
Only Niger paid more: 8.70% on 1 October, from seven bids.
Read the depth, not only the rate
| Latest one-year sale | Bid | Accepted | Taken | Bids |
|---|---|---|---|---|
| Senegal, 9 Oct | XOF 23.7bn | XOF 20.7bn | 87% | 22 |
| Côte d'Ivoire, 29 Sep | XOF 71.3bn | XOF 19.9bn | 28% | 9 |
| Mali, 30 Sep | XOF 8.4bn | XOF 4.4bn | 53% | 4 |
| Burkina Faso, 7 Oct | XOF 20.0bn | XOF 4.0bn | 20% | 5 |
UMOA-Titres result pages. "Taken" is accepted divided by bid.
(Analysis) The lowest rates came with the smallest sales. Burkina Faso's 3.73% was set on five bids, and its treasury accepted one franc in five. Senegal took most of what it was offered, from 22 bidders. A low yield on a thin book says less about demand than one set on a full book. The results do not say why each treasury cut where it did.
Further out, the gap narrows
(Facts) At the same auctions, three-year bonds cleared at 8.16% for Senegal, 7.74% for Mali, 7.01% for Burkina Faso and 6.36% for Côte d'Ivoire.
(Analysis) For Côte d'Ivoire, Mali and Burkina Faso a three-year bond costs 2.30 to 3.28 points more than a one-year bill. For Senegal it costs 0.29 points more. Lenders charge Senegal nearly as much for one year as for three; the others get short money cheap and pay for term.
What to watch
- Senegal's next one-year sale: whether the yield holds near 7.87% or moves back toward the 7.18% of a year ago.
- Whether Côte d'Ivoire and Burkina Faso keep accepting a small share of bids at one year.
- Every result, as it posts: WAEMU auction results.
Information, not advice.