{"id":6968,"date":"2024-09-09T15:09:24","date_gmt":"2024-09-09T15:09:24","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=6968"},"modified":"2024-09-09T15:09:57","modified_gmt":"2024-09-09T15:09:57","slug":"marche-regional-le-mali-leve-226-milliards-fcfa-le-niger-toujours-en-difficulte","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=6968","title":{"rendered":"March\u00e9 r\u00e9gional : le Mali l\u00e8ve 22,6 milliards FCFA, le Niger toujours en difficult\u00e9"},"content":{"rendered":"<p class=\"texte textearticle\"><strong>\u00a0Les derni\u00e8res sorties sur le march\u00e9 de la dette de l\u2019Uemoa r\u00e9v\u00e8lent des fortunes diverses. Alors que le Mali a r\u00e9ussi \u00e0 attirer les investisseurs avec une \u00e9mission largement couverte, le Niger a rencontr\u00e9 plus de difficult\u00e9s \u00e0 placer ses titres.<\/strong><\/p>\n<p class=\"texte textearticle\">Alors qu\u2019il recherchait 25 milliards FCFA, le Mali a r\u00e9ussi \u00e0 lever 22,6 milliards FCFA (38,2 millions\u00a0$), lors de son \u00e9mission obligataire du mercredi 4 septembre 2024, le montant total des soumissions ayant atteint 26,24 milliards FCFA.<\/p>\n<p class=\"texte textearticle\">Avec un taux de couverture de 104,96\u00a0% pour ses bons assimilables du Tr\u00e9sor (BAT) \u00e0 364 jours et de 90,62\u00a0% pour ses obligations assimilables du Tr\u00e9sor (OAT) \u00e0 trois ans, Bamako semble avoir regagn\u00e9 la confiance des investisseurs, apr\u00e8s des sorties pr\u00e9c\u00e9dentes mitig\u00e9es. Pourtant, derri\u00e8re ce chiffre, la r\u00e9alit\u00e9 est plus nuanc\u00e9e\u00a0: la demande pour les obligations \u00e0 long terme reste limit\u00e9e.<\/p>\n<p class=\"texte textearticle\">Le pays a certes attir\u00e9 les investisseurs avec des taux fixes comp\u00e9titifs de 6,15\u00a0% pour ses BAT et de 6,35\u00a0% pour ses OAT, mais les rendements moyens pond\u00e9r\u00e9s, culminant \u00e0 9,73\u00a0% pour les BAT et 9,78\u00a0% pour les obligations \u00e0 trois ans, montrent bien un besoin de proposer des primes de risque \u00e9lev\u00e9es pour capter l\u2019attention des pr\u00eateurs. Le succ\u00e8s relatif de cette op\u00e9ration pourrait ainsi s\u2019expliquer en partie par la qu\u00eate de rendements dans un environnement o\u00f9 les investisseurs sont de plus en plus s\u00e9lectifs.<\/p>\n<p class=\"texte textearticle\">Si l\u2019op\u00e9ration du Mali est salu\u00e9e pour sa capacit\u00e9 \u00e0 lever des fonds substantiels dans un contexte \u00e9conomique tendu, elle n\u2019en reste pas moins un succ\u00e8s relatif. Le march\u00e9 a manifest\u00e9 une certaine r\u00e9ticence vis-\u00e0-vis des maturit\u00e9s plus longues, ce qui sugg\u00e8re que les investisseurs restent prudents quant aux perspectives \u00e9conomiques \u00e0 moyen terme.<\/p>\n<p class=\"texte textearticle\">A l&rsquo;inverse, le Niger a rencontr\u00e9 des difficult\u00e9s lors de son \u00e9mission du 5 septembre. Sur les 20 milliards FCFA recherch\u00e9s, 10,125 milliards ont \u00e9t\u00e9 retenus, soit une couverture d\u00e9cevante de 57\u00a0% pour ses BAT \u00e0 182 jours et une absence totale de soumissions retenues pour ses OAT \u00e0 trois ans. Pour les BAT \u00e0 182 jours, le rendement moyen pond\u00e9r\u00e9 \u00e9tait de 9,34\u00a0%.<\/p>\n<p class=\"texte textearticle\">La difficult\u00e9 \u00e0 placer ces titres de moyen terme est un signal d\u2019alarme pour Niamey qui peine toujours \u00e0 convaincre les investisseurs de sa stabilit\u00e9 \u00e0 long terme. Les perspectives \u00e9conomiques incertaines, attribu\u00e9es \u00e0 la mont\u00e9e des tensions r\u00e9gionales continuent de refroidir les investisseurs. Il faut dans ce sens not\u00e9 la crise avec son voisin, le B\u00e9nin \u2013 dont les relations commerciales sont \u00e0 l\u2019arr\u00eat, malgr\u00e9 l&rsquo;importance du port b\u00e9ninois comme d\u00e9bouch\u00e9 naturel pour le Niger \u2013 ainsi que le manque de visibilit\u00e9 sur la gestion de la dette nig\u00e9rienne. Cela force le pays \u00e0 se contenter d\u2019un financement limit\u00e9, majoritairement \u00e0 court terme.<\/p>\n<p class=\"texte textearticle\">En d\u00e9but d\u2019ann\u00e9e, il avait d\u00e9j\u00e0 mobilis\u00e9 un financement de 400 millions de dollars aupr\u00e8s d&rsquo;une entreprise chinoise charg\u00e9e de l\u2019exploitation de son p\u00e9trole. Ce financement, \u00e9tal\u00e9 sur 12 mois, \u00e9tait pourtant <em>\u00ab\u00a0adoss\u00e9 \u00e0 la garantie de l\u2019or noir\u00a0\u00bb <\/em>et assorti d\u2019un taux d\u2019int\u00e9r\u00eat sup\u00e9rieur \u00e0 7\u00a0%.<\/p>\n<p class=\"texte textearticle\">Plusieurs analystes notent que les rendements exig\u00e9s par les march\u00e9s ne sont donc pas d\u00e9coll\u00e9s de la r\u00e9alit\u00e9, surtout que depuis, d\u2019autres incertitudes li\u00e9es au blocage du p\u00e9trole nig\u00e9rien se sont point\u00e9es.<\/p>\n<p><strong>(Agence Ecofin)<br \/>\n<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Les derni\u00e8res sorties sur le march\u00e9 de la dette de l\u2019Uemoa r\u00e9v\u00e8lent des fortunes diverses. Alors que le Mali a r\u00e9ussi \u00e0 attirer les investisseurs&#8230;<\/p>\n","protected":false},"author":3,"featured_media":6503,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,10],"tags":[],"class_list":["post-6968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite-economique","category-infos-eco","wpcat-8-id","wpcat-10-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>March\u00e9 r\u00e9gional : le Mali l\u00e8ve 22,6 milliards FCFA, le Niger toujours en difficult\u00e9 - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=6968\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"March\u00e9 r\u00e9gional : le Mali l\u00e8ve 22,6 milliards FCFA, le Niger toujours en difficult\u00e9 - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"\u00a0Les derni\u00e8res sorties sur le march\u00e9 de la dette de l\u2019Uemoa r\u00e9v\u00e8lent des fortunes diverses. 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