(Business in Cameroon) - On 11 November 2015, the State of Cameroon again succeeded in raising FCfa 5 billion on the public stock market of the Central African States Bank (BEAC), of which it is the main actor since its launch in 2011.

But the particulars of this new 52-weeks fungible Treasury bonds issuance (FTB) suggest a decline in performance, certainly due to the competition on that day on the market with the entry of other countries such as Gabon, CAR, Chad and more recently Equatorial Guinea.

Indeed, when at the beginning of the year and even before the subscription rate to Cameroonian public stocks reached 500%, the FTB issuance ended with a subscription rate of 160%. Moreover, the number of Treasury bond dealers (TBD) who take part in the fundraising operations on behalf of the Cameroonian Public Treasury is constantly reducing: They were seven out of thirteen in June, this number dropped to four during the 11 November FTB issuance.

But above all, it is the interest rate at which the State of Cameroon raised the last FCfa 5 billion on this sub-regional market: 3.2%. On analysis, though it remains affordable, this interest rate was increased by approximately 1%, since it had been about 2% on average until now.

All this indicates not only less room for manoeuvre for TBDs (banks) at the same time over-sought and constrained by the prudential ratios, but also the ever tighter competition between those seeking capitals on this public stock market, on which Cameroon hopes to raise another FCfa 300 billion in 2016.

BRM