(Business in Cameroon) - The Cameroonian government has just launched a call for tender addressed to the banks operating in the country, for the recruitment of an arranger for a bond issue of FCfa 150 billion to be undertaken in the coming weeks on the Douala Stock Exchange (DSX), the country’s stock market, we learned from reliable sources.

The Cameroonian Treasury is preparing to start its fourth fundraising operation on this market since 2010, in order to carry out major projects. That year, indeed, for the first bond issue in its history, Cameroon, who had then chosen the banking group Afriland First Bank as arranger, was able to collect the requested FCfa 200 billion in 15 days. In 2013 and 2014, the bond issues of respectively FCfa 50 and 150 billion, both arranged by SCB Cameroon, the local branch of the Moroccan group Attijariwafa Bank, were over-subscribed.

In 2015, the Cameroonian Treasury took on the international market, through a Eurobond issue of FCfa 750 billion. In the end, only a little over half of the requested amount was raised in this operation co-arranged by Société Générale and Standard Chartered Bank. Even worse, Cameroon raised these funds at the record rate of 10% over 10 years, due to the very difficult market conditions, the Minister of Finance, Alamine Ousmane Mey, explained then.

Brice R. Mbodiam