Sunday , February 28 2021

CREPMF clarifies the terms of publication of a bond loan on the regional financial market (press release)



In a press release dated 13 November 2018, the Regional Government for Public Savings and Financial Markets (CREPMF) revoked the conditions for the publication of a bond loan on the regional financial market after the disclosure, through intermediaries, information on the value of Senegal's national electricity company (SENELEC) in connection with the bond issue through public offer – SENELEC 6.50% 2018 – 2025 in the financial market.

"" CREPMF reminds all stakeholders that each entity issuing a public offer bond on the regional financial market must provide an adequate rating for the category "investment class" in accordance with applicable regulations. . If it fails, it must give the beneficiaries a first claim guarantee. The two options offered to issuers, namely rating and / or guarantee, must cover the term of the loan without discontinuity, "the statement states.

This clarification CREPMF comes as the pan-African rating agency Bloomfield Investment, announced on November 1, 2018, has completed SENELEC's rating. This information, published by the press, has increased the fear among the recipients. This, especially since the bond issue by public offering – SENELEC 6.50% 2018 – 2025 in the financial market has not yet been matured.

Article 8 of instruction 36/2009 of CREPMF amending and cancellation of instruction 33/2006 in relation to the public offer within WAEMU stipulates that "" Each issuer, with the exception of States and local or territorial public authorities who make a public call for savings, must be noted by a credit rating agency duly approved by the Regional Council. When issuing debt securities, issuers undertake to be listed throughout the securities portfolio. In the absence of being able to provide a sufficient rating for the category of investment class assigned by a credit rating agency, issuers must provide a first requirement for subscribers. In the absence of a rating, the guarantee amount must cover the entire amount and the interest rate for the current security and its maturity corresponds to that for the depreciation of the security. This warranty must be issued by a guarantor approved by the Regional Council and receives an assessment deemed satisfactory, distributed by a duly approved credit rating agency.

SENELEC responded the day after Bloomfield's publication at the end of Senegalese's rating. & # 39; & # 39; SENELEC did not leave the rating process & # 39; & # 39; could be read in the press release produced by the company. Reminded in this issue to several editors, she is still about to rate but not with Bloomfield Investment. According to certain Indian rights, SENELEC would now be in contract with a Senegal rating agency.

Elisa B.


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