For issuers
Raising funds, step by step
The regional financial market allows a company to fund itself beyond bank credit. Here are the routes available, what they require, and what we do at each stage.
Before you start
Audited accountsSeveral audited financial years, prepared under the applicable accounting framework.
Clear governanceCorporate bodies, shareholding and responsibilities clearly established.
A defined needAmount, use of proceeds, horizon and capacity to repay.
Two routes to funding
01
Bond issue by public offering
You borrow from the public rather than from a small circle of lenders.
01
Structure
Amount, maturity, rate, guarantees, amortisation profile.
Purpose Capital prices the scenarios and their annual burden.
02
The information memorandum
Issuer, use of proceeds, guarantees, risk factors.
Purpose Capital coordinates its drafting with your advisers.
03
COSUMAF review
Examination of the file, exchanges, approval of the memorandum.
Purpose Capital prepares the responses to the regulator's requests.
04
Placement
Offer period, placing syndicate, allocation.
Purpose Capital takes part in the placement and monitors the book.
05
Life of the security
Listing, coupons, numbered notices, periodic disclosure.
Purpose Capital tracks the maturities and the disclosure obligations.
02
Listing on the exchange
You open your capital and your security then lives on the market.
Stages specific to this route: a minimum free float to determine, a valuation and price range, admission by BVMAC, then the ongoing obligations that apply to any listed issuer.
What determines the cost
Credit qualityFinancial strength and track record of the issuer.
GuaranteesSecurity offered, any guarantee or surety.
MaturityThe longer the commitment, the higher the rate demanded.
Market conditionsRates paid at the same time on comparable securities.
An example
A company raises FCFA 10bn over seven years, with one year of grace then six equal repayments. The amortisation profile weighs as much as the rate on its cash flow: a grace period eases the early instalments, progressive amortisation spreads the burden. → Model a repayment schedule
The routes described above fall within the COSUMAF regulatory framework. The extent of our involvement is assessed transaction by transaction, according to the nature of the instrument and the applicable authorisations.
Let's talk
Start with a conversation
Tell us your funding need and the horizon you have in mind. We will tell you what is possible, what it requires, and what it costs. This first exchange carries no commitment.
Write to us →See the investor journey