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Chad Issues $232 million Bond

Reuters (7/21/11)

Chad's first local-currency bond was over-subscribed and the Central African nation raised 107.6 billion CFA francs in the issue, the bank that helped the country organise the issue said on Wednesday.

The 5-year bond will have a yield of 6 percent and is due to help the land-locked nation pay off internal debt and finance infrastructure projects.

Ehouman Kassi, head of investment banking at Ecobank, said people from all over the 6-nation Central African CEMAC bloc, except Equatorial Guinea, had bought the bond.

"This issue is a clear success and shows that Chad is not a risky country," said Gata Ngoulou, Chad's finance minister.

An analyst said last month the bond was likely to draw strong interest from central African investors due to the lack of listed securities in the CEMAC economic zone.

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