由于Fitch Ratings下调了喀麦隆的主权信用评级，理由是政治风险加剧以及中非地区最大经济体融资压力上升，喀麦隆的美元债券收益率在第四个交易日继续上涨。
Cameroon’s dollar-bond yields climbed for a fourth trading session after Fitch Ratings downgraded the sovereign, citing heightened political risks and mounting financing pressures in Central Africa’s biggest economy.
周一，喀麦隆的欧元债券成为新兴市场表现最差的品种之一。截至伦敦时间上午10点44分，2033年到期债券的收益率飙升近30个基点，达到历史高点10.65%；2031年到期证券的收益率上升20个基点至10%。
The country’s eurobonds were among the worst performers in emerging markets on Monday, with the yield on notes due 2033 jumping almost 30 basis points to a record 10.65% at 10:44 a.m. in London. The rate on securities maturing in 2031 increased 20 basis points to 10%.
Fitch于上周五晚间将喀麦隆的长期外币评级从B下调至B-，并警告称，总统保罗·比亚缺乏明确的继任者增加了权力交接混乱的风险，特别是当世界上年龄最大的国家元首职位出现空缺时。
Fitch cut Cameroon’s long-term foreign-currency rating to B- from B late Friday, warning that the lack of a clear successor to President Paul Biya increases the risk of a disorderly transition of power in the event the position of the oldest ruler in the world becomes vacant.
Fitch表示：“2026年4月通过的宪法改革所设立的副总统职位目前仍然悬空。” “一旦指定继任者上任，他们也很可能面临建立权威的挑战。” 比亚今年93岁，曾在2025年10月的全国大选中赢得第八个任期。今年早些时候，他批准了一项宪法修正案，以恢复副总统职位——该职位曾在1972年被取消。根据修正案，若总统职位出现空缺，副总统将接任并完成其剩余任期。但比亚尚未任命任何人担任该职位。
“The position of vice-president, introduced through the constitutional reform of April 2026, remains vacant,” Fitch said. “A designated successor would also be likely to face challenges in establishing their authority.”Biya, 93, won an eighth term in the country’s October 2025 elections. Earlier this year he approved a constitutional amendment to reintroduce the post of a vice president, last scrapped in 1972, who will take over and complete his term of office in the event of a vacancy. Biya is yet to name anyone to the post.
比亚高龄、鲜有公开露面以及频繁前往瑞士接受医疗护理的情况，引发了外界对其健康状况的担忧，以及对他可能在任内去世后谁将接掌权力的不确定性。
The president’s advanced age, infrequent public appearances and repeated trips to Switzerland for medical care have fueled concerns about his health and uncertainty over who would take power if he dies in office.
Fitch指出，由于喀麦隆目前没有国际货币基金组织（IMF）项目，其融资压力正在加大，迫使该国更加依赖外部借款来弥补财政赤字。Fitch预计，今年喀麦隆的总融资需求将升至国内生产总值（GDP）的7.3%，而2025年这一比例为5%。
Fitch said financing pressures are growing as Cameroon has no International Monetary Fund program, forcing it to become more reliant on external borrowing to fund its budget deficit. Fitch projects gross financing needs will rise to 7.3% of gross domestic product this year from 5% of GDP in 2025.
喀麦隆在两笔分别于2031年和2033年到期的美元计价债券上，尚有约17亿美元未偿还。在此次下调评级之前，其债务本月已经是新兴市场表现最差的之一。
Cameroon has about $1.7 billion outstanding across its two dollar-denominated bonds maturing in 2031 and 2033. Its debt was already among the worst performers in emerging markets this month before the downgrade.
根据彭博社编制的数据，投资者截至目前在10月份对喀麦隆美元债务的损失约为3%，这是非洲表现最差的。同期，彭博新兴市场美元债券指数上涨了超过1%。
Investors have lost about 3% on Cameroon’s dollar debt so far in October, the worst performance in Africa, according to data compiled by Bloomberg. The Bloomberg Emerging Markets Dollar Bond Index has gained more than 1% over the same period.