The short version
Two dollar bonds and one euro bond, all three repaying in instalments rather than in a single payment at the end. Two were sold privately to a small group of investors rather than publicly offered, and a private placement generates no prospectus. For those two, the interest dates and the instalment detail are simply not in the public record.
As with Benin, the euro bond pays interest once a year, not twice.
The three bonds
In order of maturity.
9.500% due 31 July 2031 — US dollars
Placed privately in July 2024 rather than sold publicly. A private placement produces no prospectus, so there may simply be no public document to find for this one.
- Coupon
- 9.500% confirmed
- Final maturity
- 31 July 2031 confirmed
- Originally issued
- US$550,000,000 confirmed
- Repayment
- Repays in instalments confirmedThe instalment dates and amounts are not sourced, and may not be obtainable from public material at all. not confirmed
- Interest dates
- Not sourced not confirmed
5.950% due 7 July 2032 — euros
The only one of Cameroon's three bonds that was publicly offered and listed, and correspondingly the only one with an offering document in existence.
- Coupon
- 5.950% confirmed
- Final maturity
- 7 July 2032 confirmed
- Originally issued
- €685,000,000 confirmed
- Repayment
- Three instalments, across 2030, 2031 and 2032 inferredThe three-way shape reaches us through a CFA-franc figure that is a translation of the euro amounts rather than a quotation from the prospectus. The exact dates and euro amounts are not sourced. not confirmed
- Interest dates
- 7 July, once a year — first paid 7 July 2022 confirmed
- Interest convention
- Not sourced not confirmed
8.875% due 30 January 2033 — US dollars
Placed privately in January 2026, with two years of grace before repayments begin and then five equal annual instalments. Its size is the subject of the section below, and it is the most instructive thing on this page.
- Coupon
- 8.875% confirmedSome reporting gives 10.12% as the “coupon”. That is the yield, mislabelled. The coupon is 8.875% and the bond was sold below its face value.
- Final maturity
- 30 January 2033 inferredSources give a seven-year term from 30 January 2026, which is consistent with this date without stating it. inferred
- Repayment
- Five equal instalments of 20%, on 30 January in 2029, 2030, 2031, 2032 and 2033 confirmedTwo years of grace, then five annual payments — which is exactly what a seven-year deal with two years' grace means. Independently corroborated by French-language reporting describing the deal as “over five years”, which is its average life rather than its term.
- Interest dates
- Not sourced not confirmed
- Amount outstanding
- US$850,000,000 inferredSee below. We are confident this is right and cannot show you a public document that says so. inferred
Where we went wrong
Three independent lines of evidence, which turned out to be one
We hold the 2033 at US$850,000,000. Working only from public sources, we built what looked like a strong case that it should be US$750,000,000, and we built it three ways.
The arranger's own announcement gave the issue as US$750 million. French-language reporting gave the proceeds as XAF 420.3 billion, which converts to around US$700 million and implies an issue price in the low nineties on a US$750 million bond — consistent with an 8.875% coupon sold to yield 10.125%. On an US$850 million bond the same arithmetic would need an issue price in the low eighties, which that yield does not support.
Three arguments, all pointing the same way. The stored figure was right and all three were wrong.
The first argument was not independent of the second. The proceeds figure and the implied issue price are the same piece of information: we derived the second from the first and then presented them as if each confirmed the other. Converging estimates that share an input are one estimate wearing three hats. That is the real error, and it is the one worth carrying away.
The second failure was reading an issue size as an amount outstanding. The arranger announced what was sold in January 2026. A further increment of about XAF 82 billion was flagged as coming in March 2026 and evidently went ahead, at least in part — and was never reported as completed anywhere we can reach. We had actually noted that the arithmetic would close if exactly that happened, and gave it less weight than the tidier story.
The third is that the proceeds figure probably was not measuring what we assumed. The deal carried a currency swap, so the CFA figure may describe the swapped proceeds rather than the dollar amount raised — in which case no issue price can be inferred from it at all.
The general lesson: a prospectus is authoritative about terms and only indicative about size
Terms — coupon, maturity, interest dates, repayment schedule, day count — are fixed when a bond is sold and written into a document that exists permanently. Size is not. It moves with every top-up, tender, buy-back and partial increment, and completion is very often never announced. A deal's launch is news; a hundred-million-dollar increment six weeks later is not.
So the two classes of field deserve different presumptions. Public sources are systematically weakest on how much of a bond is outstanding, and that is the field where our own records have repeatedly turned out to be right when public reporting was not.
We would rather say that plainly than present the figure on this page as though a document backs it. It does not. What backs it is that the arithmetic only closes one way.
What we are not sure about
Not one instalment schedule is fully evidenced
For the 2031 and the 2032 we do not have the instalment dates or amounts from a document. For the 2033 we have a schedule we are confident in — five equal annual payments after two years' grace — corroborated independently, but not quoted from an offering document, because none exists.
The 2033's exact maturity date
Public sources give the year and a seven-year term from January 2026. Neither states 30 January 2033 outright. It is consistent, and it is not confirmed.
Interest dates on two of three
Only the 2032 has a documented interest date. The two private placements have none.
What is correctly absent
There is no fourth Cameroonian Eurobond
We checked. There has been no issuance since January 2026, no further private placement, and no executed buy-back — a buy-back option was discussed publicly in February 2026 but never acted on.
An older dollar bond due 2025 has been repaid and is correctly gone. Cameroon's CFA-franc paper trades on the regional market and is not a Eurobond.
Where every figure here comes from
No data vendor supplies the terms on this page. Where a figure rests on something other than a public document, the page says so.
| What it tells us | Source |
|---|---|
| That the 2032 is a €685 million amortising bond, and its 7 July annual interest date | Published note on the transaction by the law firm advising on it |
| The July 2024 and January 2026 private placements, their sizes at issue, the 8.875% coupon and 10.125% yield, the two years of grace and the currency swap | Cygnum Capital, arranger announcements |
| The March 2026 increment of about XAF 82 billion, announced as expected but never reported as completed | Ecofin Agency and Business in Cameroon |
| The residual and final instalment of the older 2025 bond, confirming it is correctly absent | Caisse Autonome d'Amortissement, June 2025 public debt bulletin |
| That the buy-back option discussed in February 2026 was never exercised | Financial Afrik |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
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