Friday , May 14 2021

CREPMF clarifies the conditions for issuing a bond by public offering in the regional financial market (press release)



In a press release of November 13, 2018, the Regional Council for Public Savings and Financial Markets (CREPMF) recalled the conditions for issuing a bond through a public offering in the regional financial market, after publishing intermediary information about the information related to the national rating Senegalese electricity sector (SENELEC) in the context of bond issue through public offering – SENELEC 6.50% 2018 – 2025 in the financial market.

& # 39; & # 39; The CREPMF reminds all stakeholders that, in accordance with current regulations, each entity issuing a public bidding bond in the regional financial market must produce a sufficient rating of the category "& # 39; investment grade & # 39;. . If this fails, it must provide users with the first guarantee for the claim. Two options offered to issuers, ie a rating and / or a guarantee, must cover the maturity of the loan, without discontinuity, "the statement said.

This clarification CREPMF comes when the Pan-African rating agency Bloomfield Investment announced on November 1, 2018, which ended SENELEC's rating. This information, published by the press, has caused fears among users. This, especially since the issuance of bonds through public offer – SENELEC 6.50% 2018 – 2025 has not yet matured in the financial market.

Also, Article 8 of the CREPMF Amendment 36/2009 of the CREPMF on Amendments to Directive 33/2006 with regard to the public offer within VAEMU provides that: "Any issuer, with the exception of States and local or territorial public authorities, who are publicly invited to save , must be recorded by the rating agency, which is duly approved by the Regional Council. When issuing debt securities, issuers undertake to be recorded for the duration of the securities in the absence of the ability to produce a sufficient rating for the category In the absence of a rating, the amount of the guarantee must fully cover the principal and interest of the insurance concerned, and its duration corresponds to the amortization of the security. This guarantee must be issued by a guarantor approved by the Regional advice and obtain a rating that is considered satisfactory, granted by a duly licensed rating agency.

SENELEC reacted the day after the release of Bloomfield at the end of the Senegalese rating. & # 39; & # 39; SENELEC did not come out of the evaluation process & # 39; & # 39; could be read in a press release issued by the company. Referring to this edition of several editors, she is still in the appraisal process, but not with Bloomfield Investment. According to some indices, SENELEC would now be in agreement with the Senegal rating agency.

Elisha B.


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