30 January 2026
The Republic of Cameroon has successfully completed a private placement of USD 750 million Eurobonds due 2033. Cygnum Capital acted as Joint Arranger, alongside Citi and JP Morgan. This transaction marks Cameroon’s return to the international Eurobond market, following the transaction we jointly arranged with Citi in July 2024. The proceeds of the issuance will serve to settle outstanding payment arrears on certain State priority projects, in accordance with the State Budget for 2026, which will support economic growth.
Despite the volatile market conditions, Cameroon was able to increase the notional to USD 750 million from USD 600 million initially targeted while significantly improving the terms vs the previous issuance, with a coupon of 8.875% and a yield of 10.125%. The financing will allow the government to refinance existing liabilities, support priority spending, and reduce pressure on domestic financing sources.
Cygnum Capital also acted as Advisor to the Republic of Cameroon in executing a concurrent cross-currency swap of the newly issued USD Eurobonds into EUR, designed to limit exposure to foreign exchange risk and improve the financial terms of the borrowing with a reduced effective coupon in euros of c. 7.79%.
