Senegal's Treasury offered 50bn FCFA (€76mn) of bills and bonds on October 23, against 90bn FCFA (€137mn) planned in its quarterly calendar. It retained 55bn FCFA (€84mn) of bids. The one-year bill yielded 8.06% and the five-year bond yielded 8.24%, the regional debt agency UMOA-Titres said in its auction report.
Analysis: The 8.06% one-year yield was the highest in four Senegalese auctions in our records this year, against 7.87% on October 9 and 6.81% in April. It is 5.06 percentage points above the BCEAO's 3% policy rate. The Treasury accepted only 474mn FCFA (€0.7mn) of 9.0bn FCFA (€14mn) bid for three-year bonds, indicating limited appetite for the bids at those terms. Auctions scheduled for November 6 and 20 may show whether the smaller offering was temporary. For banks, government securities yielding more than 8% offer an alternative to corporate lending.
Source: UMOA-Titres, UMOA-Titres, Compte rendu de l'émission simultanée de BAT et OAT du Sénégal du 23/10/2026 (signed by UMOA-Titres and the DGFD), Auction of 23 Oct 2026; UMOA-Titres, UMOA-Titres, Calendrier des émissions par adjudication des Etats membres de l'UMOA d'octobre, novembre et décembre 2026, Auction of 23 Oct 2026; UMOA-Titres, Compte rendu d'adjudication BAT/OAT Etat du Sénégal, 09/10/2026, Auction of 9 Oct 2026; UMOA-Titres, Compte rendu d'adjudication BAT/OAT Etat du Sénégal, 25/09/2026, Auction of 25 Sep 2026; UMOA-Titres, Emission simultanée de bons et d'obligations du Trésor du Sénégal du 24/04/2026, results page, Auction of 24 Apr 2026; UMOA-Titres, UMOA-Titres, results of the simultaneous issue of Senegal Treasury bills and bonds, 9 Oct 2026, Auction of 9 Oct 2026; BCEAO, Communiqué de presse de la réunion ordinaire du Comité de Politique Monétaire de la BCEAO tenue le 9 septembre 2026, Decision of 9 Sep 2026