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Cameroon issued a CFA25 billion 7-year bond on the BEAC market on Sep. 28

Cameroon issued a CFA25 billion 7-year bond on the BEAC market on Sep. 28
  • Comments   -   Thursday, 29 September 2022 16:21

(Business in Cameroon) - Yesterday September 28, the Cameroonian government issued a 7-year fungible treasury bond to raise CFA25 billion on the Beac public security market.

According to information reported by the central bank, this new fundraising will be done through domestic syndication. This is a mechanism, validated by the central bank in 2021, which consists of a government issuing public securities through a group of primary dealers (SVT) formed as a syndicate and headed by a lead manager. For this transaction, Cameroon chose the local subsidiary of the French banking group Société Générale.

Domestic syndication is a better way to raise financing since, according to an expert, fundraising by auction is becoming increasingly difficult on the Beac market for bonds with maturities of more than 5 years.

Cameroon’s new bond issue is part of a program that is expected, at the end of October 2022, to raise CFA100 billion. The program was launched after the Head of the state empowered the Minister of Finance on August 23, 2022, to raise an additional CFA200 billion, through the issuance of public securities, within the framework of the 2022 Finance Law. This brings the total amount sought by the Cameroonian Treasury on the Beac market in 2022 to CFA550 billion.

Written by BRM

Translated from French by Firmine AIZAN

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