Cameroon’s public Treasury is set to issue 15-year Treasury bonds on February 17, 2026, marking a first on the public securities market operated by the Bank of Central African States (BEAC), the central bank of the six CEMAC countries.
The operation, involving Treasury bonds known as Obligations du Trésor assimilables (OTA), appears in the provisional issuance calendar for the first quarter of 2026 recently published by the BEAC.
Beyond the financing itself, the transaction carries a broader market objective. It will be the first 15-year OTA issuance in the CEMAC zone since the launch of the BEAC public securities market in December 2011. Through this operation, Cameroon aims to test the market’s ability to absorb maturities beyond 10 years, which has so far been the upper limit for Treasury securities issued in the region.
The test is significant given investor behavior on the BEAC market. OTA issuances with maturities of five years or less typically attract the strongest demand, according to market participants. This preference for shorter tenors may explain the relatively modest amount sought for the 15-year tranche, set at CFA20 billion.
Cameroon seeks CFA619 billion in Q1 2026
By comparison, Cameroon’s issuance calendar includes an OTA offering with maturities ranging from one to five years scheduled for February 10, 2026, targeting CFA250 billion. This larger amount reflects stronger confidence among authorities in shorter-term maturities.
A significant share of Cameroon’s planned operations in the first quarter of 2026 will rely on Treasury bills, known as Bons du Trésor assimilables (BTA). These instruments, with maturities of up to 52 weeks, are generally used to cover short-term cash flow needs. OTA, by contrast, carry longer maturities, typically 10 years or more, and are usually issued to finance investment projects.
According to the BEAC calendar, Cameroon is seeking to raise a total of just over CFA619 billion on the regional market in the first quarter of 2026. Of this amount, around CFA300 billion is expected to come from OTA issuances, while slightly more than CFA319 billion is planned through BTA offerings.
Brice R. Mbodiam
