SCB Cmr prepares a bond loan of 150 billion FCFA

Société Commerciale de Banque (SCB Cameroun) is currently arranging a 150 billion FCFA bond loan for the Cameroonian government. According to reliable sources, the fundraising operation will be launched in October 2014.

Following a call for tenders made in July, the Moroccan banking group, Attijariwafa, was selected to conduct this new fundraising effort, beating-out an Ecobank Cameroon consortium.

This is the second such undertaking by the Cameroonian government with the SCB in a year, after the 50 billion FCFA bond loan last year which was quite successful, bringing in 80 billion FCFA in total subscriptions.

Last year, SCB Cameroon also arranged an 85 billion FCFA bond loan for the government of Chad in order to raise the financing required to build the Ndjamena business district in Ndjamena, Chad’s political capital.

The new fundraising effort being arranged by SCB Cameroon is a direct outcome of the recommendations made in the 2014 State budget which provided for the raising of 180 billion FCFA by way of Treasury bonds.

After the 10 billion FCFA raised on the BEAC securities market in August and the 150 billion FCFA that the Treasury Department is preparing to raise on the Douala Stock Exchange (DSX), the Cameroonian government has a 20 billion FCFA margin left.