The Central Bank of the Comoros published the results of its third Treasury Bill tender of the year, dated July 29, 2026. The outcome is encouraging: the issuance was oversubscribed at 153.33%, signalling genuine appetite from the local banking sector for Comorian sovereign paper.
The Auction Figures
The issuance covered 1.5 billion Comorian francs (CF), comprising 1,500 Treasury Bills with a 28-day maturity. Two financial institutions submitted bids at the auction. The weighted average rate (WAR) came out at 4.73%, with a maximum accepted rate of 5.0%. The short maturity (one month) reflects the Treasury's cautious approach to progressively developing a domestic capital market.
A Market Under Construction
The July 29 issuance is the third of 2026 for the Comoros. The previous one, dated June 23, was also well received. This regularity in issuances signals the Comorian Treasury's intention to develop an internal financing instrument, thereby reducing dependence on external support for short-term cash needs.
The Comorian interbank market is still narrow — just two subscribers on this issuance — but coverage at 153% indicates that available liquidity exceeds what the state is soliciting. A positive signal for the gradual deepening of the local financial system.
Why It Matters
For an archipelago with a still-underdeveloped financial system, the regular issuance of Treasury Bills is a structuring step. It accustoms banking actors to lending to the state on market terms, creates a local reference rate, and lays the foundations for a yield curve that could, over time, facilitate longer-term issuances. This is the prerequisite for any meaningful development of a Comorian bond market.