Cameroon to issue further 10 bln CFA bonds

Cameroon’s government announced on Friday it would issue 26-week treasury bonds worth a total 10 billion CFA francs on May 9.

Potential subscribers have until 9 a.m. local time (0800 GMT) the same day to do so at banks and financial establishments approved as primary dealers by the Ministry of Finance. Results of subscription will be published on May 10 with settlement date a day later.

The May 9 treasury bonds auction are part of plans by the country to issue 285 billion CFA francs worth of treasury bonds in 2012 to fund infrastructure projects. The first ones worth 20 billion CFA francs were issued in February and over-subscribed.

The cocoa and oil exporting central African nation raised some 250 billion CFA francs on the bond market in 2010 in an effort to finance the Kribi deep sea-port project, hydroelectric dams, water distribution pipelines and road improvements. Cameroon did not issue any bonds last year.

Reuters.