Success for Senegal on the international bond market
Senegal's most recent bond was a resounding success, generating 130 percent of the amount originally sought when it was launched on June 21st.Senegal's most recent bond was a resounding success, generating 130 percent of the amount originally sought when it was launched on June 21st.
The country ended up with an extra Cfaf15 billion at the end of the subscription period, thus mobilising a total amount of Cfaf65 billion (€100 million).
The funds raised on the regional financial market will help the country fight against floods and improve power and transport infrastructure.
In a statement, the Ministry of Economy and Finance revealed that 517 individuals have endorsed the operation and are responsible for 10.43 percent of the amount raised. "This
demonstrates the popularity of treasury bonds,"
said the ministry.
Senegal's attempts to issue bonds on the international market have mostly been successful since 2008, reflecting the trust of private and institutional investors in the country's economy and ability to develop infrastructure.
In spring 2011, Senegal was forced to seek $500 million (€378 million) in loans from the regional markets and ended up mobilizing $2.4 billion instead.