The outcome of the “ECMR 5.5% net, 2016-2021” bond loan, of FCfa 150 million in total, just launched by the State of Cameroon on the Douala Stock Exchange (DSX), the local stock market, is looking very promising.

Indeed, we learned from authorised sources, even before opening subscriptions to this public offering, which will take place from 27 September to 12 October 2016, seven banks and other local financial institutions have already assured the government, through firm commitments, of raising a global amount of FCfa 112 billion. Which already represents 70% of the amount requested.

“This level of firm commitments is clear proof of the level of confidence that players on the local financial market have in the State of Cameroon”, observed a source close to the case.

In detail, we learn, the three arrangers of the operations which are Société Générale Cameroun, EDC Investment Corporation (Ecobank group) and Afriland First Bank have made the commitment to raise FCfa 82 billion. At the same time, a union of firm commitments gathering BICEC, local subsidiary of the French banking group BPCE; Gabonese BGFI; Nigerian UBA and Cameroonian CBC have committed to provide funds worth FCfa 30 billion.

In theory, there is only FCfa 38 billion which remain to be collected by the IPmembersamong whom we find renowned financial institutions such as Cenainvest or Financia Capital, in addition to the three arrangers and four syndicate members with firm commitments as previously mentioned.

Considering all this, come the evening of 12 October, the Cameroonian government should close with success its 4th bond issuance on the local financial market after the ones in 2010 (FCfa 200 billion), 2013 (FCfa 50 billion) and 2014 (FCfa 150 billion), which were all oversubscribed.