A new entry by Cameroon into the international capital market would not be surprising, even though the latest sovereign risk rating by Fitch Ratings in May 2025 assigned a negative outlook to the country. During its last Eurobond issuance in 2024, the country obtained an interest rate of 9.5%, reflecting the uncertainties surrounding its financial signature. For now, no official source confirms the existence of ongoing discussions with the International Monetary Fund, the African Development Bank, or any other multilateral or bilateral lender to mobilize this amount.With the expected repayment on November 19, 2025, of its very first Eurobond issued in 2015, Cameroon should have greater room to maneuver to tap the markets again. In this context, the planned 2026 loan could represent an opportunity for investment banks and other structures specialized in this type of financing operation.

According to the administration, these resources are intended to cover the financing needs of the 2026 budget, estimated at 2,124.3 billion FCFA. If the option of a new Eurobond is confirmed, it would be the fourth operation of its kind since 2015 for the largest economy in the CEMAC zone.The stakes will be high, particularly in assessing investors' perception of the country's economic stability, following a context marked by a presidential election that promises to be lively.

According to provisional data recently published on the public debt situation as of March 31, 2025, Cameroon's external debt stock stood at 8,557.7 billion FCFA (approximately $14.1 billion). However, this assessment does not appear to include the $550 million Eurobond arranged by the British firm Cygnum Capital and the American investment bank Citigroup. In detail: Multilateral financial institutions :  4,324.8 billion FCFA, Bilateral creditors (partner states) : 2,875.5 billion FCFA,Commercial debt : 1,690 billion FCFA, including 813.5 billion FCFA in Eurobonds (taking into account the one issued in 2024).

Auteur:  CK