The BRVM bond market: opportunities and access conditions for African companies
The WAEMU regional financial market: still underexploited potential
The WAEMU financial market, with the Regional Stock Exchange (BRVM) and the money market, represents one of the most dynamic integrated financial markets in sub-Saharan Africa. With more than 40 listed companies and a steadily growing bond market, it offers African private companies a real alternative to traditional bank financing.
Yet, private companies' use of the bond market remains limited. The main reasons: governance and transparency requirements perceived as constraining, underestimated compliance costs, and limited knowledge of market mechanisms. Our experience shows that well-prepared companies can raise funds at very competitive rates.
Prerequisites for accessing the BRVM bond market
Access to the BRVM bond market requires satisfying several prerequisites:
- Governance: formalized board of directors, audit committee, accredited statutory auditor
- Financial transparency: certified financial statements under the revised SYSCOHADA for at least 3 financial years
- Financial rating: obtaining a rating from an AMF-WAEMU approved agency (Bloomfield, GCR Ratings)
- Legal documentation: offering prospectus, information note approved by AMF-WAEMU
- Arranger and guarantor: selection of an arranging bank and possibly an issue guarantor
SKYE MANAGEMENT supports companies in this preparation from the initial governance diagnostic through to transaction close, in coordination with specialized legal and financial advisors.