Senegal started this Friday 30 October, its public offering in order to raise FCFA 50 billion on the UEMOA financial market. "In 2015, after a series of operations in the financial market, the State of Senegal wants to close the year with a fundraising on the BRVM (Bourse Régionale des Valeurs Mobilères)", one reads in the information note on the operation.

Investors interested by this offer, have until 20 November 2015 to subscribe to this operation with a rate of 6.30% and a maturity of 10 years, deferred by a year. Moreover, if the bonds will not be taxed in Senegal, interest paid will be taxable on applicable securities income in the different investor countries.

Société Générale d'Investissement, CGF Bourse and Impaxis Securities are the organisers and leaders of the operation. On this basis, they have been entrusted with the structuring and bond offering. However, most of the brokerage firms operating in the UEMOA area are part of the investment syndicate.

To achieve its emerging market programme of growth and financial targets, the country must find resources to cover the shortfall in its budget, which, in 2015, is estimated at FCFA 396 billion. But Senegal stands up well as its credit rating given by Standard & Poors and Moody's is quite encouraging.

The country has already raised more than FCFA 421.07 billion this year on the UEMOA money market, as part of its issuance of commercial paper, which was oversubscribed by approximately 200%. Moreover, this public offering is the 8th since 2005. Senegal has already raised, through this process, a total of FCFA 550.8 billion of which 100 billion through Sukuk bonds (respecting Islamicrules).