The Cameroonian state will settle a new instalment of its ECMR 2023 multi-tranche bond on 23 June 2026, for an amount exceeding 120 billion FCFA. The information comes from a notice signed on 5 June 2026 by Louis Banga Ntolo, director general of the Central African Securities Exchange (BVMAC). Of this total, 10.7 billion FCFA corresponds to interest payments, with the remainder consisting of principal amortisation on certain bond lines. Collection operations at the counters of brokerage firms and account-holding banks will begin the following day, 24 June.
A differentiated maturity schedule
Unlike a classic repayment involving a single line, this instalment combines partial capital amortisation and coupon payments across all tranches. Specifically, holders of Tranche A will receive a net coupon of 10,580 FCFA per bond, comprising 10,000 FCFA in principal and 580 FCFA in interest. Tranche B will result in a payment of 5,600 FCFA, of which 5,000 FCFA is amortisation and 600 FCFA is the coupon.
Tranches C and D, with longer maturities, currently only bear interest payments, set at 675 FCFA and 725 FCFA per bond respectively. This structure reflects the logic of a bond designed for multiple investment horizons, where subscribers with longer maturities accept deferring capital recovery in exchange for higher yields. The mechanism illustrates the progressive sophistication of bond engineering in the CEMAC zone.
A record operation on the regional market
The initial issue allowed Yaoundé to mobilise over 176 billion FCFA in 2023, significantly exceeding the original target of 150 billion. It was then the seventh successful bond issuance by Cameroon on the unified sub-regional financial market, and the first multi-tranche operation attempted in the sub-region. The format aimed to broaden the investor base by offering a menu of maturities tailored to risk profiles and liquidity constraints.
The issuance environment was not favourable, however. The Central African States Bank (BEAC) had initiated a monetary tightening cycle to contain inflationary pressures, which mechanically increased the cost of resources raised by national treasuries. By segmenting its offer, Cameroon gave investors the opportunity to arbitrate between short-term, lower-yielding placements and long-term commitments with more generous coupons. The success of the subscription validated this technical gamble.
Sovereign credibility and the weight of debt service
For the Cameroonian authorities, strict adherence to the repayment schedule goes beyond a mere contractual obligation. It sends a signal to a community of regional investors whose decisions condition future fundraising. CEMAC states are increasingly turning to the bond market to finance their budget deficits and public investment programmes, in an environment where access to external resources has become significantly tighter.
The 23 June instalment also highlights the growing weight of domestic debt service in Cameroon’s public finances. Repeated recourse to the regional financial market offers a valuable alternative to international donors and eurobonds, but its cost remains closely correlated with the monetary conditions set by the BEAC and the perception of sovereign risk by local subscribers. Each payment made on time consolidates Yaoundé’s credit rating and conditions the room for manoeuvre for future treasury issues.
However, the balance between financing needs and the sustainability of interest charges will be one of the determining parameters of upcoming budget exercises. The operation confirms the central role that the BVMAC has acquired in financing the states of the sub-region.
