Cameroon plans to issue 285 bln CFA in bonds in 2012

 

 

 

 


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YAOUNDE Jan 19 (Reuters) – Cameroon plans to issue 285 billion CFA francs ($557 million) worth of treasury bonds in 2012 to fund infrastructure projects, with the first 20 billion CFA coming up for sale in February, a finance ministry official told Reuters on Thursday.

The central African oil producer has raised some 250 billion CFA on the bond market since late 2010 in an effort to finance a deep-sea port, hydroelectric dams, water distribution pipelines and road improvements.

The first 10 billion CFA of new bonds will be issued on Feb. 9, while another 10 billion CFA will be split evenly between sales scheduled for Feb. 16 and Feb. 23, according to a statement issued by the finance ministry.

The ministry source said the February bonds were the first in a series of planned issues that would amount to 285 billion CFA francs by year end. He declined to give further details and asked not to be named.

Cameroon’s sale of 200 billion CFA francs of treasury bonds in Dec. 2010 was open to foreign investors and oversubscribed. The bonds yielded 5.6 percent and matured from 2012 to 2015. The government also announced the sale of a further 50 billion CFA worth of bonds in late 2011. ($1 = 511.8070 CFA francs) (Reporting by Tansa Musa; Writing by Richard Valdmanis)

 
 

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