Mauritania's Treasury sold 3bn MRU (€67mn) of 15-year bonds on October 14 at an average yield of 5.99%, the central bank BCM said in its auction results. The bonds carry a 5.50% coupon and drew bids of 4.08bn MRU, while six-month Treasury bills sold on October 20 at an average rate of 4.09%, the BCM said.
Analysis: The 15-year issue extends Mauritania's domestic government bond maturities beyond the 10-year maximum outstanding at the end of June, finance ministry records show. Its 5.99% yield is below both September inflation of 9.3% and the BCM's 6.75% policy rate. That implies a negative inflation-adjusted yield at current inflation, though investor expectations may differ. Six-month bill yields have also declined from 4.70% in mid-June. A five-year Islamic bond auction scheduled for October 28, offering 2.11bn MRU (€47mn) at a 4% coupon, may provide another indication of demand for longer-dated securities.
Source: Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats Obligations du Trésor 013 du 14 10 2026, Auction of October 14, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats de l'émission N°1308 du 13-10-2026, Auction of October 13, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats de l'émission N°1309 du 20-10-2026, Auction of October 20, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM and Ministère des Finances, Avis d'appel d'offres: émission d'obligations du Trésor par adjudication du 28/10/2026, Auction of October 28, 2026; Ministère des Finances, Mauritanie, Ministère des Finances, Direction de la Dette Publique, Bulletin statistique de la dette publique au titre du deuxième trimestre 2026 (cover dated July 2026; file posted in the 2026-10 folder), June 30, 2026 and Auction of June 16, 2026; ANSADE, ANSADE, Note mensuelle de l’Indice National des Prix à la Consommation (INPC), septembre 2026, September 2026; Financial Afrik, Financial Afrik, 'Mauritania central bank tightens monetary policy...', Decision of 18 May 2026; Banque Centrale de Mauritanie (BCM), BCM, Historique des cours de change (money-rate-table), date 2026-10-26, comparison 2026-09-26, October 26, 2026