Cameroon’s May 9 auction of 10 billion CFA francs worth of treasury bonds was oversubscribed, with 25.49 billion CFA of bids with interest rates ranging from 1.95 to 5 percent, the Finance Ministry said in a statement.
The auction was part of plans by the country to issue 285 billion CFA francs worth of treasury bonds in 2012 to fund infrastructure projects. The first ones worth 20 billion CFA francs were issued in February and over-subscribed.
The cocoa and oil exporting central African nation raised some 250 billion CFA francs on the bond market in 2010 in an effort to finance the Kribi deep sea-port project, hydroelectric dams, water distribution pipelines and road improvements. Cameroon did not issue any bonds last year.
Monday May 14, 2012 Reuters
