This disbursement operation, scheduled for June 23, 2026, will mobilize a total envelope of 120 billion FCFA for the benefit of institutional and private creditors. The accounting breakdown of the envelope includes the payment of 10.7 billion FCFA dedicated solely to accrued interest. The settlement of transactions will take place the following day, June 24, 2026, through the network of account-holding banks and brokerage firms approved by the CEMAC regulator.

The payment method presents a complex technical configuration, characterized by the individualized treatment of four categories of securities. The bond issuance mechanism, dubbed "ECMR 2023 with multiple tranches," allowed the Cameroonian Treasury to capture 176 billion FCFA, exceeding the initial target of 150 billion FCFA. For the current installment, holders of Tranche A will receive a net unit coupon of 10,580 FCFA, broken down into 10,000 FCFA for principal repayment and 580 FCFA for interest remuneration. Tranche B entitles holders to a payment of 5,600 FCFA, consisting of 5,000 FCFA in capital and 600 FCFA in interest. Tranches C and D do not involve any principal amortization for the period, resulting exclusively in the detachment of interest coupons valued at 675 FCFA and 725 FCFA per security, respectively.

The original issue's engineering reflected Cameroon's fine-tuned adaptation to the tightening of liquidity policy implemented by the Bank of Central African States (BEAC). The diversification of maturities aimed to counter the rise in key interest rates by offering investors an arbitrage between short-term investments with moderate returns and longer-term lines with better remuneration. The meticulous respect for the repayment schedule confirms Cameroon's status as a first-rate borrower, while competition for regional savings intensifies among the public treasuries of the sub-region. However, the increased burden of domestic bond debt service reminds us of the rigorous budgetary trade-offs imposed by the current cost of financial resources.


Nlend Flore

Tags: economie cameroun emprunt obligataire investissement finances publiques beac cemac dette publique marche financier