Senegal raised 338.2bn FCFA (€516mn) in its second public bond sale of 2026, exceeding its initial target of 200bn FCFA (€305mn), the Ministry of Finance said on October 14. The sale closed on October 13, with subscriptions reaching 169.1% of the target. The bonds have maturities of three to ten years and offer interest rates of 6.40% to 6.95%, unchanged from the March sale.
Analysis: Demand was stronger than in March, when subscriptions reached 152% of the target. Together, the two sales raised 642bn FCFA (€979mn), covering about 9.5% of the government's financing needs under its revised 2026 budget. The strong demand suggests regional investors remain willing to lend to Senegal despite ongoing negotiations over its external debt. The bond coupons were also below the 7.82% average yield on five-year government bonds at the October 9 Treasury auction, although the rates are not directly comparable, since a fixed coupon on bonds sold to the public differs from a market yield. The next test of investor demand comes on October 23, when the Treasury plans to raise 90bn FCFA (€137mn) through another auction.
Source: UMOA-Titres, results of the simultaneous issue of Senegal Treasury bills and bonds, 9 Oct 2026, Auction of 9 Oct 2026; Ministry of Finance and Budget communiqué, as reported by Le Soleil, 29 Mar 2026, APE 1, 26 Feb-26 Mar 2026; Ministry of Finance and Budget, communiqué « Clôture avec succès du second Appel Public à l'Épargne de l'année 2026 », 14 Oct 2026, APE 2, 2026 and APE 2, 23 Sep-13 Oct 2026; Ministry of Finance and Budget, Projet de loi de finances rectificative (PLFR) 2026 (via APA, 21 Sep 2026), 2026