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For the first time, Cameroon wins big with treasury bonds on BEAC

For the first time, Cameroon wins big with treasury bonds on BEAC
  • Comments   -   Monday, 18 August 2014 19:24

(Business in Cameroon) - Following its first issuance of assimilatable treasury bonds in 2014 on the Central African States BANK MARKET (beac) on August 6, 2014, Cameroon’s Treasury Department achieved a subscription rate of 191.55%. According to the press release issued by the Central Bank, investors offered 19.155 trillion FCFA while the Directorate General of the Treasury only needed between 5 and 10 billion FCFA.

 

To date, this is the largest volume resulting from Cameroonian Treasury bonds on the BEAC since, for the first time, the State’s expected funding range was far surpassed on both counts.

 

The first operation of this kind back in June 5, 2013, which then had a target of 10-20 billion FCFA, only 15.5 billion FCFA were offered by investors. On September 4, 2013, the second effort brought in 8 billion FCFA for a target of 5 to 10 billion FCFA. In both cases, although the amount reached was above the bottom end of the target, subscriptions remained below the higher figure.

 

On August 6, the Cameroonian Treasury Department passed that higher target. This achievement confirmed the State’s credibility in the eyes of investors. According to the Minister of Finance, 10 billion collected out of the total offer had a rate of 3.75% (comparedto 4% for the two previous operations on the BEAC) for a period of two years and will be used to complete three projects – the partial financing of the construction of the Yaoundé-Nsimalen highway (3 billion FCFA) and the rehabilitation of the Shell Nsimeyong-Biyem-Assi road (3.3 billion FCfa).

 

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