Cameroonian Treasury bills hits 587% in subscriptions ...

Treasury bills issued by the State of Cameroon on the Central African State’s Bank (BEAC) market have just made a new record in subscriptions. According to the BEAC, at the April 30 auction, the first by the Cameroonian Treasure for the second quarter of 2014, the demand coverage rate hit 587%, which is 17% higher than the 570% benchmark set in the first quarter.

In a press release published by the Central Bank, investors delivered 29.350 billion FCfa to the State of Cameroon which had only hoped for 5 billion FCfa. Investor demand enabled the Treasury to raise the required funds to a rate of 1.9%.

Based on the Cameroonian Treasury’s operational calendar for the BEAC, two new Treasury bill issuances will be held on the 14th and 28th May to respectively raise 5 and 10 billion FCfa. For the 2nd quarter of 2014, the State of Cameroon plans to raise 25-30 billion FCfa on the CEMAC states’ Central Bank.