Serrari Group

Senegal has successfully raised $750 million through a private placement in the international financial markets, according to the Ministry of Finance and Budget. This funding is aimed at meeting the country’s financial needs for 2024.

As Senegal prepares to begin oil and gas production, it has mandated J.P. Morgan London to manage a $500 million tranche with a 7.75% annual coupon and a seven-year maturity. To optimize debt servicing, these securities were converted into euros at an average rate of 6.47%.

Due to strong demand from investors, an additional $250 million was raised, highlighting significant confidence in Senegal’s economic prospects. This marks Senegal’s first private placement of bonds with international investors, aligning with the government’s strategy to diversify financing instruments and expand its investor base.

Senegal’s return to the capital market follows similar moves by Ivory Coast, Benin, and Kenya earlier this year. These issuances come after a two-year break from the international debt market by sub-Saharan African countries, caused by rising interest rates and the economic impact of the COVID-19 pandemic.

The funds raised will support Senegal’s infrastructure projects and economic reforms, positioning the country for sustained growth as it transitions into an oil and gas economy. This proactive approach in securing funding reflects the government’s commitment to fiscal stability and economic development.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

7th June, 2024

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