Understanding CGCC Bond Guarantee Process

November 13, 2025Understand Credit Guarantee

CGCC Bond Guarantee Process: Simple Steps for Issuers

Issuing a bond may sound complex, but with the support of the Credit Guarantee Corporation of Cambodia (CGCC), the process is well structured, and more convenient than many expect. CGCC’s bond guarantee helps issuers strengthen investor confidence, enhance their credit profile, and access capital on better terms.

The application journey has been designed to guide issuers step by step — from the expression of interest to the official guarantee. Each stage is transparent, where CGCC works closely alongside with issuers to ensure they are well prepared.

Step 1: Letter of Intent

It all begins with a simple Letter of Intent (LOI). By sharing basic company details, historical financial statements, bond issuing information, list of potential investors, corporate governance information and engagement letter with underwriter, issuers open the door for CGCC to check initial eligibility. This step is quick and straightforward.

Step 2: Full Application

Once the preliminary eligibility check is completed, issuers are invited to submit a full guarantee application. This typically includes the CGCC Bond Guarantee Application Form, a detailed business or budget plan with cash flow projections, constitutional and corporate approval documents, credit rating, and all relevant regulatory licenses and permits. In addition, issuers are expected to provide commercial and legal due diligence reports covering financial, operational, legal, social and environmental aspects. Security documents, key contracts with related parties, and any other supporting materials may also be required where necessary.

Step 3: Assessment

At the Assessment Stage (Desk Assessment), CGCC reviews the bond application to evaluate the issuer’s financial soundness, creditworthiness, and project viability. This includes analysis of audited financial statements, cash flow projections, governance, and key risks to ensure the bond meets CGCC’s eligibility and risk criteria before moving to due diligence stage.

Step 4: Approval in Principle (AIP)

After the desk assessment, CGCC may issue an Approval in Principle (AIP) indicating preliminary approval to proceed. The AIP confirms the issuer meets initial eligibility and risk criteria and sets conditions for the next stage of due diligence before final approval.

Step 5: Due Diligence

After receiving Approval in Principle (AIP), CGCC conducts a comprehensive due diligence process covering financial, legal, operational, environmental and social impact aspects of the issuer. This includes site visits, management interviews, and verification of key documents and reports, such as financial and legal due diligence findings, to confirm the issuer’s overall credibility, governance, and capacity before final approval.

Step 6: Effective Approval & Guarantee Issuance

After completing due diligence, the process advances to the Effective Approval stage or the final step before finalizing the guarantee. At this stage, all assessments, terms and conditions are confirmed to be satisfactory prior to the issuance of the Guarantee Agreement and the formal execution of the bond guarantee.

Recommendations to Potential Issuers

Potential bond issuers are encouraged to engage early in the process and prepare key documents such as audited financial statements, business projection, due diligence report and especially credit ratings in advance. Early preparation helps streamline the assessment which leads to smoother and faster approval.

Ready to Start Your Bond Guarantee Journey?

With CGCC’s support, the bond guarantee process is not only manageable but also a valuable step toward market success. Our team is here to guide you from the very first inquiry to the final guarantee.

To explore how CGCC’s bond guarantee can support your bond issuance, we encourage you to reach out to our team for more information.

Download PDF: Understanding CGCC Bond Guarantee Process