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Yaoundé - 14 July 2020 -
Finance

Cameroon returns on the money market to raise XAF35 bln

Cameroon returns on the money market to raise XAF35 bln
  • Comments   -   Wednesday, 27 May 2020 16:03

(Business in Cameroon) - Today May 27, the Cameroonian Public Treasury is scheduled to issue a 5-year T-bond on the public securities market of the Bank of Central African States (Beac).

According to the official communique published in that regard, these bonds are backed by a 5.7% interest rate.

Sources within the General Treasury Directorate at the Ministry of Finance specify that this is, in fact, a matching contribution, i.e. an extension of the operation carried out on the same market on 8 April 2020.

The objective of this extension of subscriptions is to mobilize an additional envelope of between XAF20 and 35 billion.

According to the provisional calendar of Cameroonian government’s operations on the money market for Q2-2020, a second T-bond (7 years, backed by 6.5% interest rate) should have been issued today. However, authorized sources explain that this operation has been postponed for strategic reasons.

As a reminder, the two operations mentioned above aim at completing the XAF166.7 billion already secured on this market, thanks to the T-bond operations carried out on 8, 15, 29 April and 6 May 2020. The Cameroonian government intends to raise XAF220 billion for infrastructure projects thanks to these operations, started in April 2020.

Brice R. Mbodiam

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