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Finance

CEMAC: Cameroon to seek XAF35 bln on the BEAC market on Oct 21, 2020, by issuing 10-year bonds

CEMAC: Cameroon to seek XAF35 bln on the BEAC market on Oct 21, 2020, by issuing 10-year bonds
  • Comments   -   Tuesday, 20 October 2020 16:04

(Business in Cameroon) - Tomorrow October 21, 2020, the Cameroonian public treasury will issue 10-year bonds, backed by a 7% interest rate, to raise XAF35 billion on the money market, official sources indicate.

This will be the second similar operation the Cameroonian government is conducting on the BEAC money market within three (3) months. Indeed, on October 7, 2020, the country raised XAF35 billion on the same market by issuing 7-year bonds backed by a 6% interest rate.

Let’s note that the country plans to raise XAF120 billion on the money market during this Q4-2020 by issuing treasury bonds. This plan can be justified since the country successfully raised XAF219.4 billion (out of a target of XAF220 billion) on the said market in Q3-2020, by conducting a series of treasury bonds issuance operations. The country was thus shifting its fundraising strategy to long-term financing, gradually reducing the volume of short-term financing sought.

The Ministry of Finance points out that this new strategy is more competitive in the money market in terms of flexibility, deadlines, and costs of operations.

BRM

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