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Senegal Raises CFA 99 Billion in Oversubscribed Regional Bond Sale

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Kingsley Kobo

Kingsley Kobo is an expert on Francophone West and Central Africa, with over 15 years' experience covering business, finance, politics, tech, and more across both regions.
  • One-year bill priced at 7.14 % after bids cover offer by 144 %
  • Sale follows US $700 million tap in March as Dakar leans on domestic investors

Dakar, Senegal – Senegal collected CFAF 99 billion (US $174 million) in its latest foray onto the West African Economic and Monetary Union (UEMOA) debt market, authorities said on Tuesday, shrugging off concerns over a debt-to-GDP ratio above 90 %. Investors submitted CFAF 129.96 billion (US $228 million) in bids, giving the auction a 144.4 % coverage rate.

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