Senegal issued a new $500 million, 10-year Eurobond last month. The 144a/RegS notes, priced at 9.125%, are the highest yielding of the four sovereign Eurobonds issued since 2007 in sub-Saharan Africa excluding South Africa. Led by Standard Bank and Standard Chartered, it was in part offered as exchange for Senegal’s existing 2014 bonds.
Senegal has its problems, notably a lack of oil deposits. It furthermore shares a currency with Côte d’Ivoire, as both countries, along with six others, are members of the Union Economique et Monétaire Ouest Africaine.
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