The Cosumaf withdraws BDEAC's visa for bond issuance

Nov 06, 2014

The Committee on financial market supervision of Central Africa (Cosumaf) decided on October 29th to remove the Bank of Central African States's (BDEAC's) visa to issue a bond.

The Committee on financial market supervision of Central Africa (Cosumaf) decided on October 29th to remove the Bank of Central African States's (BDEAC's) visa to issue a bond.

The loan "BDEAC 4.5 % gross 2014-2021" was meant to raise CFAF35 billion (€53.3 million), according to a Cosumaf statement seen by l'Agence d'information d'Afrique Centrale.

The Cosumaf issued on March 3rd a visa for this loan to be launched between June 16th and July 15th. But the bank did not meet the deadline.

In addition to this delay issue, the Cosumaf justified its decision by
citing
non-compliance problems in relation to Instruction No. 2006-0, March 3rd, 2006 on the disclosure document required in connection with a public offering on the financial market and the application of Articles 10, 11 and 12 of Regulation No. 06/ 03- CEMAC - Umac November 12th, 2003.

BDEAC is authorised,
once
it updated its legal, economic and financial information, to reapply for a visa.

The aim of the loan was to support the bank's efforts in the fight against poverty and the strengthening of regional integration.ADNFCR-2976-ID-801758698-ADNFCR