Cameroon Issues $500million Bonds in Private Placement.
![Cameroon Issues $500million Bonds in Private Placement.](/content/images/size/w2000/2024/07/AdobeStock_212912518.jpeg)
Cameroon has recently made its debut in the international credit markets through the issuance of $500 million in bonds.
Despite the heightened interest rates, these bonds have garnered significant demand from various African nations namely Kenya, Ivory Coast, Senegal since the outset of 2024, thereby bolstering fiscal capabilities and enabling developmental funding.
Cameroon is actively expanding its domestic gas production, with its GDP projected to reach 4.1% in 2024 and 4.4% in 2025. Ongoing government reforms are expected to improve its current account deficit to 1.9% in 2024 and 1.6% in 2025 according to the African Development Bank.
Executed as a seven-year dollar bond yielding 10.75%, the transaction was completed through a private placement, as reported by Bloomberg. Citigroup Global Markets Ltd. served as the exclusive placing agent for the deal with joint arrangement provided by Cygnum Capital Middle East Ltd.