The release of the Regional Council of Public Savings and Financial Markets (CREPMF) was expected in the case between Senelec (electricity supplier in Senegal) to the financial rating agency Bloomfield Investment.
here is the full communiqué of the UEOMOA Financial Market Constable as published in the BRVM’s official bulletin dated Tuesday, November 13, 2018.
The Regional Council for Public Savings and Financial Markets has noted the publication by press releases, during the period from 6 to 10 November, of information related to the rating of the Société d’Electricité du Sénégal (Senelec) in the context of of public bond borrowings – Senelec 6.5% 2018-2025 on the regional financial market.
The imprecise and incomplete nature of the information disseminated is liable to affect the good market transparency and the good information of the investors because they have not always been exhaustive and clear. As a result, they can be misunderstood by investors.
The CREPMF reminds all stakeholders that in accordance with the regulations in force, any entity that issues a public bond in the regional financial market must produce a sufficient investment grade rating. Failing this, it must provide the beneficiaries with a first demand guarantee. The two options offered to issuers, namely the rating and / or the guarantee, must cover the maturity of the loan, without discontinuity.
As a result, market participants are reminded that the various breaches of the regulations concerning non-compliance with the commitments and the quality of the published information are subject to the financial penalties provided for in decision number CM / SJ / 001. / 03/2016 of the UEMOA Council of Ministers of 24 March 2016 without prejudice to legal proceedings.
CREPMF
