A Study of Bondholders' Behavior During the Covid-19 Pandemic: The Case of The Central African Stock Exchange Market (BVMAC)

Abstract: This paper studies the behavior of investors in debentures on BVMAC with the advent of the Covid-19 pandemic. We capture this behavior using three operational variables: buying securities, selling securities, and trading securities. To assess the phenomenon studied, we built a secondary database over a period of fourteen months, that is, seven months before the onset of the pandemic and seven months since the onset of the pandemic.Therefore, having two samples, we proceeded by comparative graphic analyzes and carried out paired samples “t” tests. At the end of the various analyzes, it emerges that the average purchases of debentures have dropped drastically since the advent of the Covid-19 pandemic; sales of securities have increased significantly since the onset of the health crisis; the crisis triggered an upward trend in bond trading.Bondholders tend to get rid of the securities in their possession, while Statal corporations with rising needs of financing, issue new bonds.