Cameroon is reported to have carried out a Eurobond issuance of $750 million on January 28, 2026, according to Bloomberg, citing sources close to the process. Using the implicit exchange rate provided by the authorities in July 2025 -CFA650 billion for about $1.16 billion- the amount is equivalent to around CFA420.3 billion. The bond, announced with a five-year maturity, would offer investors a yield of 10.12%.
At this stage, the information is based on sources cited by Bloomberg and has not been officially confirmed. The transaction would involve a $750 million Eurobond, equivalent to about CFA420.3 billion, with a five-year tenor and a yield of 10.12%.
A milestone in the 2026 borrowing strategy
In July 2025, the government said it planned to contract a “significant external loan” of CFA650 billion in 2026. The exact form of the financing was not specified at the time, whether through bank loans, multilateral or bilateral funding, or an international market issuance. The reported transaction of January 28, 2026, provides an indication of a possible return to the international bond market.
The legal framework was set by a decree signed on January 21, 2026. The decree authorizes Finance Minister Louis Paul Motazé to raise up to CFA1,650 billion through domestic and external capital markets, including CFA1,000 billion from international creditors.
Financing costs under pressure
Carrying out such an operation in 2025 had been seen as difficult, given the presidential election scheduled for October, a period often viewed as riskier by some investors exposed to Africa. A temporary pause to limit debt costs had been considered.
However, the reported yield of 10.12% points to elevated financing costs, despite renewed appetite for high-yield bonds at the start of the year. The rate also stands in contrast with conditions obtained by issuers such as Benin and Côte d’Ivoire, whose economic fundamentals are often presented as comparable to those of Cameroon.
Idriss Linge
