Regional public securities market: Senegal mobilizes 279 billion FCfa in January

Senegal is off to a good start for a year of performance on the WAEMU Public Securities Market. In January 2026, the Public Treasury mobilized 279 billion FCfa through the issuance of Treasury Bonds and Bonds (Bat/Oat).

Since the start of 2026, Senegal has been quite dynamic on the Public Securities Market. In January, thanks to two operations, a cumulative envelope of 279.7 billion FCFA was raised. The first operation of the year took place on January 16. For this issue, the Public Treasury mobilized 154 billion FCFA while 140 billion FCFA were put up for auction. Thus, the initial objective was exceeded by 14 billion FCFA.

A performance which confirms the solidity of the country’s signature and its continued attractiveness to investors in the area. Investors’ bids were 169 billion FCfa, representing a coverage rate of 121.2%. The operation consisted of Treasury bills and equivalent bonds (Bat/Oat). The 364-day Bat made it possible to mobilize 71.45 billion FCfa. The weighted average yield was 6.96%. Concerning the OAT with a maturity of 3 years, it made it possible to garner 66 billion FCfa with a weighted average yield of 7.28%. As for the assimilable Treasury Bond with a duration of 5 years, it made it possible to collect 16 billion FCfa with a yield of 7.69%. At the end of the month, January 30, 2026, Senegal returned to the market. A simultaneous issue of Treasury notes and similar bonds made it possible to raise 125.72 billion FCfa, or 5.72 billion FCfa, beyond the initial objective set at 120 billion FCfa.

Four instruments were used. These are a Bat at 364 days and three Oat with maturities of 3, 5 and 7 years. The 364-day Bat concentrated most of the raisings, with 113.31 billion FCfa mobilized with a weighted average yield of 7.16%. The 3-year OAT made it possible to raise 8.16 billion FCFA for a weighted average yield of 7.82%. For the 5-year Oat, it made it possible to capture 4.24 billion FCfa at a yield of 7.75%. Thus, Senegal continues its dynamic of success on the regional market. In 2025, 2.225 billion FCFA were raised. For this year, 2,700 billion FCfa are targeted. Participating in meetings on the Public Securities Market, the Director of Public Debt, Elhadji Alioune Diouf, stressed that the government implements efficient debt management. “The debt remains sustainable. When we look, today, at what we call in economics the differential between the growth rate and the inflation rate, we see that the debt remains viable,” he assured. For the outlook, Mr. Diouf emphasizes that the State will pursue a prudent debt policy by relying on concessional resources within the limits of availability.

“This strategic orientation is based on a portfolio diagnosis which shows an average cost of debt around 4% with a relatively high rate on the domestic market around 7% and much lower external debt in terms of rate. We have a much greater refinancing risk on domestic debt and much greater exchange risks on external debt, particularly with 40% of the portfolio denominated in foreign currencies,” added the Director of Public Debt of Senegal.

Demba DIENG