In a press release dated November 13, 2018, the Regional Council for Savings and Public Finance Markets (CREPMF) remembers the conditions for bond issues with public offerings in regional financial markets, following publications, with intermediary notices, information relating to the rating of Senegal State Electric Company (SENELEC ), in the context of issuing bonds with public offerings – SENELEC 6.50% 2018 – 2025 on financial markets.
& # 39; & # 39; CREPMF reminds all stakeholders that in accordance with applicable regulations, every entity that issues public offering bonds on regional financial markets must produce sufficient ratings from the & # 39; & # 39; investment grade & # 39; & # 39 ;. . If it fails, it must provide the recipient with a guarantee of the first request. Two options offered to issuers, namely ratings and / or guarantees, must cover the maturity of the loan, without discontinuity, "said the statement.
This explanation CREPMF appears when the pan-African rating agency Bloomfield Investment announces November 1, 2018 has ended the SENELEC ranking. This information, which is publicly known by the press, has caused fear among beneficiaries. This, especially since the issuance of bonds with public offerings – SENELEC 6.50% 2018 – 2025 on the financial market has not yet matured.
Also Article 8 of Instruction 36/2009 of CREPMF which amends and cancels Instruction 33/2006 relative to public offerings in WAEMU stipulating that & # 39; & # 39; Each publisher, in addition to the state and local or territorial public authority, which makes a public appeal for savings, must be recorded by a rating agency approved by the Regional Council. In issuing debt securities, the issuer must be recorded throughout the life of the securities. If it cannot produce sufficient ratings for the investment rating category provided by rating agencies, the issuer must provide a guarantee of the first request for the customer. If there is no rating, the guarantee amount must cover the principal and interest of the security in question, and the duration in accordance with the security amortization. This guarantee must be issued by a guarantor approved by the Regional Council and received a rating deemed satisfactory, provided by an approved rating agency.
SENELEC reacted the day after Bloomfield's announcement about the end of the assessment of the Senegalese company. & # 39; & # 39; SENELEC does not exit the rating process & # 39; & # 39; can be read in press releases produced by the company. Given in this release for several editors, he is still in the rating process but not with Bloomfield Investment. According to some carelessness, SENELEC will now be in a contract with the Senegal rating agency.