Senegal Lists $717M Quadruple Bond on BRVM in Regional First
TLDR
- Senegal raised 405 billion FCFA ($717.5 million) through a multi-tranche bond issuance listed on the BRVM on July 17, 2025
- The offering, comprising four bonds with maturities from 2028 to 2035 and yields ranging from 6.40% to 6.95%, was the largest of its kind on the WAEMU market
- This marks Senegal’s 26th bond listing on the regional exchange, bringing its cumulative issuance on the BRVM to 2.19 trillion FCFA
Senegal raised 405 billion FCFA ($717.5 million) through a multi-tranche bond issuance listed on the BRVM on July 17, 2025. The offering, comprising four bonds with maturities from 2028 to 2035 and yields ranging from 6.40% to 6.95%, was the largest of its kind on the WAEMU market. It attracted over 416.6 billion FCFA in subscriptions, achieving a 102.87% coverage rate after early closing.
This marks Senegal’s 26th bond listing on the regional exchange, bringing its cumulative issuance on the BRVM to 2.19 trillion FCFA. The listing supports Senegal’s 2050 Agenda and confirms Dakar’s role in WAEMU long-term financing.
The transaction was led by Société Générale Capital Securities WA and Société Générale Senegal, with Invictus Capital & Finance as arranger. Subscriptions came from a wide investor base, including institutions and individuals, through an inclusive retail distribution strategy.
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Key Takeaways
The bond listing reinforces the BRVM’s position as a growing financial hub for West Africa. Senegal’s multi-tranche issuance not only set a new scale record but also reflected improved access to structured debt markets for sovereigns in the WAEMU region. Innovations such as a reserved tranche for retail investors and liquidity guarantees helped democratize participation. The BRVM’s transformation strategy focuses on bridging savings with productive investment and enhancing market depth through regional inclusion. Since the WAEMU’s first sovereign bond issuance in 1999, Senegal’s 2025 operation marks a 1,250% increase in issuance volume over 25 years. With over $3.5 billion listed in cumulative bonds, Senegal remains a key supporter of the BRVM. The success of this deal signals strong investor appetite for well-structured public debt and highlights the potential of regional markets to fund infrastructure and long-term development priorities.
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