Senegal: a record on the UEMOA market with 627.91 billion FCFA in bond loans

The Regional Stock Exchange (BRVM) on Wednesday, June 10, admitted to its listing four lines of sovereign bonds issued by the State of Senegal, for a total amount of 627.91 billion FCFA, approximately 957 million euros. The institution described the operation as the largest resource mobilization carried out by a state in the financial market of the West African Economic and Monetary Union (UEMOA).

The issuance is divided into four tranches with nominal interest rates ranging from 6.40% to 6.95%, with maturities from 2028 to 2035. According to the BRVM, subscriptions exceeded the forecasts of the Senegalese Treasury. The operation increased the capitalization of the regional bond market by over 616 billion FCFA. The placement was managed by arrangers Invictus Capital & Finance and ABCO Bourse.

Representing the managing director of the BRVM, the head of the finance department, Maxime Dessou, linked this fundraising to financing the national agenda “Senegal 2050,” the resources of which are to be allocated to infrastructure, agriculture, and health projects. Market officials highlighted investors’ interest in Senegal’s financial signature.

An Increased Reliance on the Regional Market

This listing is part of an intensive mobilization of the regional financial market by Dakar. Following revelations in 2024 and 2025 about unreported debt under the previous administration, Senegal’s access to international markets has significantly decreased, leading the government to focus its issuances on the UEMOA market. For 2026, the Senegalese government plans to raise approximately 4,132 billion FCFA, nearly 6.3 billion euros, according to UMOA-Titres data reported by the Senegalese press.

Several operations preceded this one. In December 2025, the “Sénégal mo Woté” bond, launched in June of the same year, was listed on the BRVM after raising 364 billion FCFA against an initial target of 300 billion. In just January and February 2026, the country raised 366.7 and 378.7 billion FCFA, respectively, in the regional public securities market.

This sustained reliance occurs as the market shows signs of tension. Regional financial analyses at the end of 2025 reported an increase in average weighted yields and declining coverage rates during some auctions, indicating a rising financing cost for sovereign issuers.

A Public Debt under Pressure

The fiscal situation in Senegal remains fragile. The 1.8 billion dollar International Monetary Fund program remains suspended since revelations about public accounts. Audits have placed public debt in a range of 119 to 132% of GDP according to sources, with the IMF retaining 132%, versus the 73.6% previously reported by the outgoing administration.

Growth forecasts have been revised downwards, with the Ministry of Economy projecting 2.5% in 2026 compared to 6.7% in 2025, while the IMF retains 2.2%. On international markets, Senegalese eurobonds were trading at a significant discount at the end of 2025, reflecting investors’ anticipation of high credit risk. Prime Minister Ousmane Sonko has repeatedly dismissed the idea of a debt restructuring.

The repayment schedule remains a central issue. The country faces a financing need estimated at 6,075 billion FCFA, about 9.3 billion euros, with eurobond maturities concentrated in that year. The maturities of the bonds admitted Wednesday at the BRVM, ranging from 2028 to 2035, extend the horizon of Senegal’s regional internal debt.