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2023 BOND ISSUE : subscribers classification

By June 30 2023, the bond issue launched by the State of Cameroon in order to bail out the coffers of the public treasury was a great success, this due to the credit of financial intermediaries who set out to mobilize more than the requested amount from investors. The classification of subscriptions by placing agent, investor and investment country.

Following the bond issue launched in February, the Cameroonian Treasury has been able to raise above the initial 150 billion FCFA target. Of the 176.6 billion FCFA raised by the State of Cameroon on the CEMAC financial market as part of its 2023 bond loan, 64.16 % was collected from banks and financial institutions, according to information from the Ministry of Finance. Non-bank legal entities come in second position with 41 billion FCFA injected into the pool (23.36 %) followed by individuals with 22 billion or 12.43 % of the overall envelope.

The subscriptions being made to the selected arrangers and other placing agents, the share injected by each entity into the pool is therefore an indicator of a high performance in terms of collecting public savings. Thus, excluding underwriting, Afriland Bourse & Investment, a subsidiary of Afriland First Bank dedicated to market operations comes out on top with a little more than 32 billion FCFA collected from the public. Societe Generale Capital Securities comes next with 12 billion FCFA, followed by Usca (5 billion) and Asca (3 Billion). The table completes by the placing agents Elite Capital Securities (2 billion), SCB Cameroon (1.4 billion), EDC Investment (446 million), CBC Stock Exchange (161 million) and Africa Bright Securities (2 million FCFA).

By integrating the 118.8 billion underwriting of the arrangers consortium, their performance would be more consistent. The final share injected by Afriland Stock Exchange will increase to 63 billion FCFA, or 36 % of the total amount, that of SG Capital, 44 billion FCFA, or 25.10 %, USCA 25 billion FCFA, or 14.40 %, Financia capital, 21 billion FCFA, or 11.90 % and Asca 18 billion FCFA, or 10.30 %.

By country, the data show that 77.48 % of the funds, i.e. 136.9 billion FCFA, have been mobilized in Cameroon, while the rest, was collected from investors from member countries of the CEMAC zone, i.e. 39.8 billion FCFA, representing 22.52 % of the overall envelope. In details, the investors from Gabon granted 12.58 % of the amount mobilized against 3.40 % for Equatorial Guinea, 3.14 % for Congo, 2.83 % for Chad and 0.57 % for CAR, while the remaining 0.01 % was collected outside Cemac.

Sorelle Ninguem

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