The Senegalese government has raised 364 billion CFA francs ($644 million) in its second bond issuance of 2025, exceeding its 300 billion CFA target by over 21%.
The offer, conducted between June 19 and July 8, was arranged by CGF Bourse with Societe Generale Senegal as co-lead. Despite mounting concerns over the country’s debt, the oversubscription reflects strong investor interest from domestic and regional markets.
Proceeds will be used to support public finance recovery, implement economic stimulus measures, and improve debt servicing. The bonds are also eligible for refinancing, adding liquidity to the banking sector.
Senegal’s debt profile has drawn scrutiny after revealing previously undisclosed liabilities estimated at up to $14 billion, pushing its debt-to-GDP ratio close to 120%.
In response, the government has started rebasing its GDP using a new base year, a move Barclays estimates could increase nominal GDP by 15% to 25%, potentially reducing the debt ratio below 100%.
The bond issuance forms part of a broader strategy to diversify financing sources and deepen the domestic capital market, as the country turns more to regional funding amid global credit tightening. The announcement follows S&P Global’s downgrade of Senegal’s credit rating to B- with a negative outlook.
