Qu’est ce qui pourrait v\u00e9ritablement expliquer cette r\u00e9ticence des investisseurs \u00e0 l’endroit du Burkina Faso ? Le pays des Hommes int\u00e8gres a \u00e9mis ce 25 mai une double Obligation de relance du tr\u00e9sor (ORT) de maturit\u00e9 5 et 7 ans sur le march\u00e9 mon\u00e9taire de l’UMOA pour solliciter une enveloppe de 40 milliards FCFA et l’op\u00e9ration n’a suscit\u00e9 que peu d’engouement chez les investisseurs d’apr\u00e8s les r\u00e9sultats pr\u00e9sent\u00e9s par l’agence UMOA-Titres.<\/p>\n\n\n\n
L’\u00e9mission a vu la participation de 11 investisseurs en provenance de seulement 4 pays sur les 8 Etats membres de la r\u00e9gion, \u00e0 savoir le B\u00e9nin (2 milliards FCFA), le Burkina Faso (13,90), la C\u00f4te d’Ivoire (6 milliards FCFA) et le Togo (4,5 milliards FCFA). Ces derniers ont fait des offres d’un montant global de 26,40 milliards FCFA, soit moins que les 40 milliards FCFA initialement recherch\u00e9s par le pays. Un fait particuli\u00e8rement rare dans une r\u00e9gion o\u00f9 les investisseurs ont pour coutume de se ruer sur les emprunts \u00e9mis par les Etats.<\/p>\n\n\n\n
A titre d’illustration, il y moins d’une semaine le 20 mai dernier, le S\u00e9n\u00e9gal qui sollicitait un emprunt de 35 milliards FCFA (une ORT sur 5 ans au taux de 5,25% ; ici, sur 5 ans, le Burkina proposait un taux sup\u00e9rieur de 5,8%) avait re\u00e7u des offres largement sup\u00e9rieures \u00e0 hauteur de 67,02 milliards FCFA.<\/p>\n\n\n\n
Le Burkina Faso n’a finalement fait le choix que de retenir 18,5 milliards FCFA, certainement en raison des exigences du march\u00e9 bien au-del\u00e0 de ses objectifs.<\/p>\n\n\n\n
Dans le d\u00e9tail, 0,7 milliard FCFA ont \u00e9t\u00e9 retenus via l’ORT de 5 ans \u00e0 un taux de rendement moyen pond\u00e9r\u00e9 de 5,91% contre 17,8 milliards FCFA pour l’ORT de 7 ans pour lequel le taux de rendement moyen pond\u00e9r\u00e9 est ressorti \u00e0 6,49%.<\/p>\n\n\n\n
Le 11 mai dernier, Ouagadougou qui sollicitait 50 milliards FCFA avait finalement lev\u00e9 40 milliards FCFA sur 52,14 milliards FCFA propos\u00e9s. Une situation qui \u00e9tait peut-\u00eatre un premier signe d’alerte du march\u00e9, \u00e0 moins que les \u00e9missions obligataires sur le march\u00e9 financier de la BIDC et de l’Etat du Niger d’un montant total de 220 milliards FCFA qui d\u00e9marrent la semaine prochaine aient en partie d\u00e9tourn\u00e9 l’attention des investisseurs. Les prochaines sorties du pays sur le march\u00e9 mon\u00e9taire du Burkina nous diront ce qu’il en est.<\/p>\n\n\n\n
Narcisse Angan<\/p>\n\n\n\n
Publi\u00e9 le 25\/05\/22 22:11<\/p>\n","protected":false},"excerpt":{"rendered":"
Qu’est ce qui pourrait v\u00e9ritablement expliquer cette r\u00e9ticence des investisseurs \u00e0 l’endroit du Burkina Faso ? Le pays des Hommes int\u00e8gres a \u00e9mis ce 25 mai une double Obligation de relance du tr\u00e9sor (ORT) de maturit\u00e9 5 et 7 ans sur le march\u00e9 mon\u00e9taire de l’UMOA pour solliciter une enveloppe de 40 milliards FCFA et […]<\/p>\n","protected":false},"author":1,"featured_media":643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[14],"tags":[],"class_list":["post-642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie"],"_links":{"self":[{"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/posts\/642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/comments?post=642"}],"version-history":[{"count":1,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/posts\/642\/revisions"}],"predecessor-version":[{"id":644,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/posts\/642\/revisions\/644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/media\/643"}],"wp:attachment":[{"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/media?parent=642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/categories?post=642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lesoleil.bf\/index.php\/wp-json\/wp\/v2\/tags?post=642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}