• BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market.

• Cameroon raised $359.3 million via a euro-to-CFA swap to issue local Treasury bonds.

• All bond tranches fully subscribed, backed by 6.5-7.5% yields and a strong repayment record.
  

For the first time, the Bank of Central African States (BEAC) has granted a foreign financial institution access to the CEMAC public securities market. This landmark operation involved the African Export-Import Bank (Afreximbank).

Through this transaction, Cameroon’s public treasury successfully raised 200 billion CFA francs ($359.3 million) by the end of June 2025, according to Business in Cameroon, citing Ministry of Finance sources.

The fundraising was structured as a currency swap. This mechanism allowed Afreximbank to convert euros into CFA francs via BEAC, enabling the bank to subscribe to Cameroon’s local-currency Treasury bonds (OTA).

The operation involved OTA issuances with maturities of 3, 4, 5, 6, and 7 years. These securities offered attractive interest rates ranging from 6.5% to 7.5%. The combination of appealing yields and Cameroon’s strong repayment track record, with no defaults on this market for the past 14 years, resulted in the full subscription of all bond tranches. Each maturity tranche received 40 billion CFA francs in subscriptions.

Four primary dealers active in the CEMAC market facilitated the financial arrangement. These were Société Générale Cameroun, SCB Cameroun (a subsidiary of Attijariwafa Bank), Ecobank Cameroun, and Afriland First Bank, all considered among the market’s top performers.

Written in French by SG,

Translated and adapted into English by Mouka Mezonlin