Senegal Raises 338 Billion CFA Francs Through an Oversubscribed Bond Offering

Senegal successfully completed its second public offering of 2026. Launched on September 23, this offering raised a total of 338.2 billion CFA francs. The initial target was 200 billion CFA francs, representing a coverage rate of 169.1%. Invictus Capital Finance acted as lead arranger for this issuance.

The bond issue is structured into four distinct tranches for investors. The first tranche has a 3-year maturity with an interest rate of 6.40%. The second tranche has a 5-year maturity and a yield of 6.60%. The third tranche has a 7-year maturity at a rate of 6.65%, while the fourth and final tranche offers a 10-year maturity with a yield of 6.95%.

The total amount raised was 338.2 billion CFA francs, exceeding the initial target of 200 billion CFA francs. This success translates to a coverage ratio of 169.1%, indicating strong investor demand. The yields offered on the various tranches range from 6.40% for the shortest maturity to 6.95% for the longest. The maturities span 3, 5, 7, and 10 years, offering diversity to subscribers.

According to the Ministry of Economy, Finance, and Planning, this issuance demonstrates the confidence of both institutional and private investors in the quality of the government’s creditworthiness. The funds raised will be used to cover budgetary expenditures and actively manage domestic debt, in accordance with the 2026 Finance Act. This issuance also helps optimize the debt profile by incorporating long maturities at controlled financing terms.

This second issuance is part of a coherent strategy to mobilize domestic resources and develop the subregional financial market. It creates fiscal space to address other government priority expenditures. The government intends to maintain this momentum, in line with its strategy for mobilizing domestic resources, its medium-term debt management strategy, and its financing plan.