The CEMAC Sovereign & Corporate Exposure Index: who owns its measurement.

Scope

The CEMAC Sovereign & Corporate Exposure Index measures the aggregate cross-border and balance-sheet exposure of credit institutions, microfinance institutions, and listed issuers to the sovereigns of the six CEMAC member states: Cameroon, Gabon, Chad, Congo-Brazzaville, Equatorial Guinea, and the Central African Republic.

The corporate perimeter currently includes BVMAC-listed issuers, regulated CEMAC microfinance institutions, and the credit institutions on the BEAC balance sheet. The sovereign leg composes the six national treasuries, the BEAC itself, and supranational instruments issued by COSUMAF's UCITS consultation where the underlying issuer carries a sovereign counterparty. Entities already covered in the corpus are listed under their respective family on the source registry.

The published count of covered institutions is held back next to this paragraph because the corpus is still being onboarded. The figure will surface as soon as the underlying roster is signed off by the owner.Speculative, awaiting owner-approved figures

Instrument eligibility

Eligible instruments are read exclusively from the regulator-attested primary publications listed on BEAC monetary-policy decisions and COSUMAF instructions. Each eligible line maps back to a seeded source row so the citation chain is traceable from the instrument back to the publication.

• Eligible, sovereign leg. Monetary-policy bills, the BEAC refinancing facility, national treasury bills, and supranational instruments carrying a CEMAC sovereign counterparty, all sourced from the BEAC publications referenced above.
• Eligible, corporate leg. Listed corporate bonds on BVMAC and the on-balance-sheet loan book of regulated microfinance institutions category-B.
• Eligible, credit-institution leg. The instrument set captured under BEAC balance-sheet reporting, on the same source row as the monetary-policy decisions.
• Excluded, unregulated issuance. Securities held by unregulated issuance, FX derivatives not reported to BEAC or COBAC, off-balance-sheet items absent an explicit primary publication.

The tenor band of the eligible instruments is defined by reference to the regulator publication itself; the index does not impose a synthetic tenor curve.Speculative, awaiting owner-approved figures

Weighting rationale

The index weights each eligible instrument across three dimensions. Each is keyed to a sourced citation rather than a derived coefficient, so the composition stays auditable even before any aggregate value is published.

• Liquidity.A share assigned to the instrument's market liquidity class, sourced from the BEAC monetary-policy decisions for the sovereign leg and from the BVMAC publication for the listed corporate leg.
• Tenor.A share assigned to the instrument's residual tenor band, sourced from the same primary publication that authorises the instrument. The numeric share composition is held back next to this paragraph pending the owner-approved weight vector.Speculative, awaiting owner-approved figures
• Regulator-attested confidence.A share assigned to the regulator's confidence attestation on the row. The assignment is keyed to the curated corpus' confidence column carried through the disclosure feed.

The weight vector is published once the owner signs off on the first numeric computation. Until then, weighting applies as a qualitative decomposition only.

Data sources

The index draws from the same seven CEMAC source families the registry publishes. Each family already carries an anchored row on the source page, so a click on the family name opens the underlying publication that powers the index component.

• BEAC communiqués, which cover monetary-policy communiqués and the rate-setting decisions carried as communiqués rather than MED documents.
• BEAC monetary-policy decisions, which cover the marginal lending facility, refinancing window, and the reserve-ratio decisions used as the sovereign-leg source.
• COBAC. Reserved in the family set; no approved source has been onboarded. The bank-supervision leg is therefore empty. See "Known limitations" below.
• COSUMAF instructions, which cover the microfinance category-B portfolio and the UCITS governance review.
• COSUMAF communiqués, which cover the supervisory communiqués on regulated entities cross-referenced from COSUMAF instructions.
• BVMAC avis, which cover the listed-issuer disclosure cadence and exchange-operations notices used by the corporate leg.
• Ministries and gazettes. Reserved in the seven-family layout; not yet onboarded as approved sources for the index.

Review cadence

The methodology is reviewed quarterly on a fixed operative cycle and on demand when a regulator action materially shifts the corpus, for instance when a fresh BEAC monetary decision is published to the timeline. The cadence sits at the publication of the index, not at the calculation step: each quarterly review either confirms the published methodology or surfaces a delta for next quarter.

The illustrative cadence anchor is the BEAC monetary-policy decision currently published on the timeline, the rate-setting decision that sits at BEAC/2026/MED-003 is the published-record example for how a regulator event crosses the cadence.

The next operative review date is held back until the first quarterly window is confirmed.Speculative, awaiting owner-approved figures

Known limitations

Three limits bear on the index as it currently stands. They are stated honestly here rather than smoothed over.

• Corpus thinness. The curated corpus holds five approved disclosure rows and five approved source rows today. The index weight vector is not yet generalisable off a body this thin; a figure on a thin corpus would be misleading.Speculative, awaiting owner-approved figures
• Authority gap. COBAC has zero approved records in the curated corpus; the bank-supervision leg is empty, and any claim drawn from credit-institution lending therefore remains partial. The timeline surfaces the regulator pill with no fabricated substitute.
• Disclosure cadence. Three of the seven source families (ministries, gazettes, statistics portals) are reserved in the layout but not yet onboarded as approved sources.

The index ships only once each of these three limits is closed. The corpus is the proxy for what the index can defensibly measure.