Alios Finance Cameroon could secure more than half of its CFA13 billion ($22.5 million) bond offering through a planned investment by the International Finance Corporation (IFC), a move that could strengthen investor confidence and improve the prospects for a fully subscribed issue.
The IFC is considering subscribing up to $12 million, or about CFA6.9 billion, to the bond issue currently being marketed on the Central African Economic and Monetary Community (CEMAC) regional capital market. If approved, the investment would cover nearly 53% of the amount Alios Finance is seeking to raise.
The proposed investment remains subject to approval by the IFC’s Board of Directors. The institution, the World Bank Group’s private-sector financing arm, has not disclosed which tranche it would subscribe to.
The information was disclosed in the offering document presented to prospective investors on July 29, 2026, in Douala. The subscription period runs through August 7 and covers 1.3 million bonds with a face value of CFA10,000 each.
IFC Could Leave Only CFA6.1 Billion for Other Investors
If the investment is approved, Alios Finance would need to raise only about CFA6.1 billion from other investors to complete the offering.
Beyond its financial contribution, the IFC could also serve as an anchor investor, increasing the appeal of the transaction to other market participants.
Its participation, however, would not constitute a repayment guarantee or provide risk protection for other bondholders. Instead, it would reflect the IFC’s strategy of supporting local-currency financing and promoting the development of the regional capital market.
According to Ange Claver Kouassi, the IFC’s Country Manager for Cameroon and the Central African Republic, Alios Finance’s leasing model offers businesses an alternative to traditional bank lending by allowing them to finance productive equipment with repayment schedules tailored to their business cycles.
In an environment where small and medium-sized businesses continue to face limited access to medium- and long-term financing, the IFC also aims to help mobilize CFA franc funding for the private sector.
Higher Coupons Than Last Year
The bond issue is structured in two tranches. The first, with a three-year maturity, offers a gross annual coupon of 6.60%. The second, with a five-year maturity, offers a gross annual coupon of 7.20%. Both rates are higher than those offered in Alios Finance’s 2025 bond issue, when investors received 6% on the three-year tranche and 7% on the five-year tranche.
The increase amounts to 60 basis points for the three-year tranche and 20 basis points for the five-year tranche. While the higher coupons increase the issuer’s funding costs, they are also intended to make the securities more attractive to investors.
Ernest Pouhe, Chief Executive Officer of Attijari Securities Central Africa, the lead arranger for the transaction, said the regional market now has the capacity to mobilize substantial funding for leading private-sector issuers.
Annual Funding Target of Up to CFA22 Billion
Alios Finance returned to the bond market one year after raising CFA9.002 billion of the CFA10 billion it sought in its previous offering, achieving a subscription rate of about 90%. The IFC’s planned participation could therefore help the company fully achieve its latest fundraising target, unlike last year’s transaction. The final outcome, however, will depend both on the IFC’s investment receiving board approval and on demand from other investors before subscriptions close.
According to Alios Finance Cameroon Chief Executive Officer Olivier Baman, the bond issue is part of a broader strategy to raise between CFA15 billion and CFA22 billion in new funding each year to support annual business growth of around 10%.
The proceeds will finance the acquisition of machinery and equipment by Alios Finance’s corporate clients, primarily in the trade, industrial, and construction sectors.
Frédéric Nonos
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