(Business in Cameroon) - In the recently published BEAC’s monthly statistics bulletin, the Bank of Central African States (Beac) informs that on the primary market of CEMAC's public securities, 12 new fungible Treasury bills (T-bills) operations worth CFAF168 billion were carried out in February 2020. During the period under review, no fungible treasury bonds (T-bonds) were issued on the said market.
In detail, two 13-week T-bills operations were carried out by Gabon for a total amount of CFAF 30 billion. Overall, eight 26-week T-bills issuance operations were carried out on this market during the period reviewed. They amount to CFAF 103 billion, including three from Chad for a total volume of CFAF 33 billion, two from Gabon for a total value of CFAF 25 billion, one from Cameroon for CFAF 20 billion, one from Equatorial Guinea for CFAF 15 billion and one from Congo for CFAF 10 billion. As for 52-week T-bills issuances, two operations were carried out for a total amount of CFAF35 billion, including one from Cameroon (CFAF 20 billion) and one from Equatorial Guinea (CFAF 15 billion).
The preference for T-bills on the Beac market confirms the CEMAC countries’ tendency to mobilize short-term resources that generally help solve occasional cash flow problems, instead of T-bonds, which have a rather long maturity period (sometimes up to 10 years).
With the occurrence of the coronavirus pandemic, countries have increasingly resorted to both financing means (short-term and long-term securities) but this could have changed. Only the April 2020 monthly statistics bulletin will provide detailed information.