The Cameroonian government will settle a new installment of its ECMR 2023 multi-tranche bond on 23 June 2026, with an amount exceeding 120 billion CFA francs. This information comes from a notice signed on 5 June 2026 by Louis Banga Ntolo, director general of the Central African Stock Exchange (BVMAC). Of this total, 10.7 billion CFA francs account for interest payments, with the remainder consisting of principal amortizations on certain bond lines. Cash collection operations at the counters of brokerage firms and account-holding banks will begin the following day, 24 June.
A differentiated maturity structure
Unlike a classic repayment covering a single line, this installment combines partial principal amortization and coupon payment across all tranches. Specifically, holders of Tranche A will receive a net coupon of 10,580 CFA francs per bond, comprising 10,000 CFA francs in principal and 580 CFA francs in interest. Tranche B will yield a payment of 5,600 CFA francs, including 5,000 CFA francs in amortization and 600 CFA francs in coupon.
Tranches C and D, with longer maturities, currently require only interest payments, set at 675 and 725 CFA francs per security respectively. This architecture reflects the logic of a bond structured across multiple investment horizons, where subscribers to longer maturities accept delayed principal recovery in exchange for higher yields. The mechanism illustrates the progressive sophistication of bond engineering within the CEMAC zone.
A record operation on the regional market
The initial bond issuance allowed Yaoundé to raise over 176 billion CFA francs in 2023, significantly exceeding the original target of 150 billion. At the time, it was Cameroon’s seventh successful bond issue on the unified sub-regional financial market and the first multi-tranche operation attempted in the region. The formula aimed to broaden the investor base by offering a menu of maturities suited to different risk profiles and liquidity constraints.
The issuance context was not favorable. The Bank of Central African States (BEAC) had initiated a monetary tightening cycle to contain inflationary pressures, which mechanically increased the cost of funds raised by national treasuries. By segmenting its offer, Cameroon gave investors the opportunity to arbitrate between shorter, less lucrative placements and longer commitments with more generous coupons. The success of the subscription validated this technical bet.
Sovereign credibility and the weight of debt service
For Cameroonian authorities, strict adherence to the repayment schedule goes beyond mere contractual obligation. It sends a signal to a community of regional investors whose decisions will shape future fundraising efforts. CEMAC states increasingly turn to the bond market to finance budget deficits and public investment programs, especially in an environment where access to external resources has become much harder.
The 23 June deadline also highlights the growing role of domestic debt service in Cameroon’s public finances. Repeated resort to the regional financial market offers a valuable alternative to international donors and eurobonds, but its cost remains closely tied to the monetary conditions set by the BEAC and the perception of sovereign risk among local subscribers. Each timely payment strengthens Yaoundé’s signature and influences the margin of maneuver for future treasury issuances.
Balancing financing needs with the sustainability of interest charges will remain a key parameter for upcoming budget exercises. This operation confirms the central role the BVMAC has acquired in financing the states of the sub-region.
