Cameroon Raises $750 via Eurobond

On 28 January 2026, Cameroon successfully raised capital to the tune of USD 750 million (FCFA 420B) via a Eurobond issue. The coupon rate was initially set at 8.875% but the yield is actually 10.12% with a tenor of seven years, arriving at maturity in 2033. Back in July 2025, the Government of Cameroon also signaled that it is planning a ‘significant external loan’.

The lead arrangers were Citigroup, JP Morgan, and Cygnum Capital. White & Case provided legal support to the arranging consortium, while local Cameroonian firms Chazai Wamba and Matha Capital contributed financial and legal expertise to the Cameroonian government. The Eurobonds by Cameroon are listed on the London Stock Exchange with the ticker symbol XA94.

On 21 January 2026, a decree was issued authorizing Finance Minister Louis Motaze to raise up to FCFA 1,650 billion on either the national or international capital markets. The Government waited till 2026 to execute the loan, which was in part due to the Presidential Elections that took place in October 2025. Investors indicated they would prefer to wait out for the results before committing.

The proceeds will be used mainly to settle outstanding debt arrears. A portion will go to support the 2026 State Budget. Despite an oversubscription topping at USD one billion, the interest is somewhat higher than expected, indicating an increased risk perception by some investors. Some of the infrastructure projects to be financed via this Eurobond issue include the Yaounde-Douala Motorway, Lobabe-Campo Expressway, and North-West Region Ring Road.

The Debt-to-GDP of Cameroon stands at around 37%, but its sovereign ratings is between B and C. S&P assigns Cameroon a B-, Fitch gives a B, while Moody’s assesses it to be Caa1. The IMF evaluates Cameroon as ‘High Risk’ due to past debt distress. Nevertheless, Minister Motaze framed the succcessful raising of capital as a show of confidence by international financiers in the Cameroonian economy.