2023 Bond issue: Cameroon lowers target amid tough negotiations with arrangers

Cameroon has reduced its target for the bond issue it is preparing on the Central African stock exchange BVMAC this year. According to sources close to the matter, the country reduced the target from FCFA200 billion to FCFA 100 billion. Among other reasons, the country is struggling to obtain an attractive underwriting contract from the five arrangers of the operation, namely Financia Capital and the brokerage firms Afriland Bourse & Investissement, Attijari Securities Central Africa, Société Générale Capital Securities Central Africa, and Upline Securities Central Africa. Indeed, after tough negotiations, they offered a FCFA102 billion underwriting contract, covering just 51%…