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In a statement dated November 22, 2018, but made public on Wednesday, the Cofina Group announced the first tranche of repayment of its bonds issued in April by the Common Fund for Securitization of Receivables established for this purpose (FCTC – COFINA).
"In order to better meet the financing needs of its clients, Cofina had securitized receivables in the West African financial market, a common market of the eight countries of the Economic Monetary Union of Africa zone. 'West (UEMOA),' reads the statement.
"Bearing an amount of 10 billion CFA francs (approximately 15 million euros), it gave rise to a first maturity of 3.65 billion CFA francs (€ 5,564,389) on November 18, 2018", informs there.
According to Cofina, the payment of this first payment by the FCTC is due to the good recovery performance achieved by the ceding subsidiaries (CAC and COFINA Senegal) acting as debt managers. "This performance has enabled the fund, whose management is ensured by Africa Link Capital Titrisation, to maintain the quality of its rating following the half-year review conducted by the rating agency WARA, with a rating of tAA (two notches below the maximum score), "says the group launched in Senegal in 2012.
As a reminder, the transaction resulted in the issue of one million shares subscribed at the price of 10,000 CFA francs with a face rate of 7.50% gross per year for a maturity of 18 months.
The first African financial institution dedicated to mesofinance, the Cofina group is present in Congo-Brazzaville, Ivory Coast, Gabon, Guinea Conakry, Mali, Senegal. With a balance sheet total of CFAF 139 billion, he says he has "already financed more than 49,989 projects, 46% of which are run by women entrepreneurs".
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