The Sonatel group launched, on Monday, the issue of bonds by public call for savings called " SONATEL 6.50% 2020-2027" for an amount of 100 billion FCfa. An opportunity to return, in detail, to certain concepts: bond issue and public call for savings.

1) Bond loan

With the aim of diversifying their sources of financing and having longer financial resources, companies, States and local authorities have the possibility of going to borrow on a financial market, for example at the Regional Stock Exchange for the Uemoa zone. As such, these issuers (i.e. States, private and public companies, local authorities, etc.) can carry out what is called a "bond issue" which consists of issuing bonds which are debt securities negotiable equivalent to a debt for the issuing entities. The latter, in return, receive money on loan from the subscribers (investors) of the securities.

It should be specified that during a bond loan, the issuer (States, companies, etc.) and the subscriber (investors) sign a bond contract to formalize the loan which sets in particular the maturity (duration of the loan) and the interest rate. interest. For their part, those who had subscribed to the obligations of the company will receive, in return, a fixed or regular income on the basis of a schedule established at the start.

2) Public offering

A company or a State makes a public call for savings, when it offers securities (stocks or bonds) to the public with the aim of mobilizing financial resources, for example, on the financial market. Several instruments can be used to carry out this operation: canvassing, advertising, or soliciting credit institutions or other investment service providers.

An entity that decides to raise capital through a public offering must imperatively make available to investors and other subscribers all the necessary information relating to this operation. For example, a company which is preparing to issue a bond through a public offering produces a certain number of documents such as the information note on the company, a leaflet summarizing the operation and a subscription form.

3) These Senegalese companies which carried out bond loans

Senegalese companies have had to issue bonds on the Regional Stock Exchange (Brvm). We can cite the Chemical Industries of Senegal (Ics) which had issued a bond in April 2002. There is also the Autonomous Port of Dakar (Pad) which had issued a bond loan (2010-2017) of 10 billion CFA francs in 2010.

The National Electricity Company had, for its part, issued on the WAEMU financial market, from February 20 to March 20, 2018, a bond issue by public call for savings for an indicative amount of 30 billion CFA francs. . At the end, Senelec had succeeded in raising an amount of 38 billion 250 million CFA francs, a result higher than the initial objective.

In May 2019, the Banque de l'Habitat du Sénégal (Bhs) had issued, on the regional financial market, a bond loan by public call for savings, of the Diaspora Bonds type, called "BHS 6.25% 2019-2024 with a view to mobilizing 20 billion CFA francs. The operation offered a return of 6.25% per year over a period of 5 years. The price of the bond is 10,000 FCFA.

On June 15, 2020, the Sonatel group is launching a bond loan by public offering for an amount of 100 billion FCfa. This is the issue of 10,000,000 bonds at a unit price of 10,000 FCFA. This loan will be amortized over a maturity of 7 years at a nominal interest rate of 6.50%/year.

In addition to companies, there are also local authorities that can make broadcasts. One remembers the bond loan of 20 billion FCfa that the town hall of Dakar had wanted to carry out on the financial market of UEMOA. This operation was eventually cancelled. The State of Senegal also had to make bond loans by public call for savings, such as the one carried out and relating to the "Sukuk" "State of Senegal 6% 2016-2026".