•  Senegal closed its latest bond issue two weeks early after pulling in CFA405 billion, well above its CFA150 billion goal.
• The strong demand comes despite rising concerns over public debt and a suspended IMF support program.
• The government is leaning more on local markets as access to international financing tightens.

Senegal’s treasury ended its public bond offering on April 10 with CFA405 billion—more than twice its initial target of CFA150 billion. The offering, launched on March 27 and scheduled to run until April 26, was closed early due to overwhelming investor interest.

The bonds offered yields between 6.40% and 6.95%, depending on their maturity. They will be listed on the West African regional stock exchange (BRVM), making them easier to trade—especially attractive to institutional investors looking for stable returns.

The successful fundraising comes as Senegal’s public finances face growing pressure. In February, an audit by the national accounting office revealed the country’s public debt had reached 99.67% of GDP, and the 2023 budget deficit stood at 12.3%. Both figures were significantly higher than previous estimates.

Following the audit, credit rating agencies Moody’s and Standard & Poor’s downgraded Senegal’s sovereign rating to B3 and B, respectively, both with negative outlooks. The downgrades have led to a freeze in disbursements under the €1.8 billion support program agreed with the IMF last year.

The government has not yet disclosed how much of the CFA405 billion it plans to retain. However, the success of this offering could influence future bond issues across the West African Economic and Monetary Union (WAEMU).

Senegal is turning more to local financial markets for funding. In addition to this bond issue, the government has already raised over CFA361 billion this year through auctions managed by the WAEMU debt agency. Another CFA90 billion is expected to be raised on April 14.