Government securities are issued through UMOA-Titres in the shared West African Economic and Monetary Union market. Auctions settle in West African CFA francs (XOF) through the regional central-bank and primary-dealer network.
BAT are short-term Treasury bills issued at a discount. OAT are medium- and long-term Treasury bonds, usually paying a stated annual coupon. Mansa reports the weighted average yield from completed auctions rather than treating the coupon as the market yield.
Local terminology: BAT · OAT · rendement moyen pondéré · West African CFA franc.