According to UMOA-Titres, Coris Bank was the best contributing Treasury Securities Specialists in 2019 in Togo, followed by Bank of Africa, Ecobank, Orabank and the Togolese Bank Union (UTB).
This situation is valid on the entire UMOA market, which is heavily dominated by commercial banks. They represent about 90% of the securities on this market, for 13.6 trillion FCFA (particularly in OAT, BAT and syndicated securities).
The information was shared at the 3rd edition of the UEMOA Public Securities Market Meetings (REMTP 2021).
Thus, at the end of December 2020, only 8.63% of securities were held by local investors (Insurance Company, UCITS, Pension Funds, etc.)
Of this portion, UCITS (Undertakings for Collective Investment in Securities), for example, represent only a little more than a third of the weight of local institutions, with 720 billion FCFA under management at the end of 2020, or barely 5% of the global market.
Offshore institutions, on the other hand, manage only 100 billion FCFA, or 0.75% on this market. They are mainly Offshore Banks and other Brokers, Family Offices, or even a few rare Hedge Funds.
For experts, this under-representation of institutions is explained in particular by a subregional regulatory context that would limit the scope of action of certain actors, the structuring of pension systems, which limits interest in financial markets, or a more limited offer from banks and SGI (intermediation companies).
Considerations have been made to explore the possibility of market reforms, in order to be able to invite more insurers and pension funds. In particular, the latter types of players make it possible to support longer-term loans (over 10 or 20 years), in contrast to shorter maturities, as currently observed on the market.
The long-term objective is to achieve a presence of 35% of these institutional players, in a context marked by economies that are still very poorly funded in the sub-region