On September 25, 2026, the Senegalese State solicited the regional financial market of the West African Economic and Monetary Union (Umoa) for an amount of 150 billion FCfa. This solicitation was made through a simultaneous issue composed of Treasury Bills (Bat) at 364 days and Treasury Bonds (Oat) at 3 and 5 years. The operation generated total submissions of 157.89 billion FCfa, representing a coverage rate of 105.26%.
According to financial analyst Same Mbaye, this operation contrasts with the one on August 28, 2026, before the agreement with the International Monetary Fund (FMI). On that date, the Treasury had put 70 billion FCfa up for auction. The submissions reached a level superior to the sought amount but only 77 billion FCfa were finally retained, representing an absorption rate of 67.65%.
The difference between the volume of offers and the amounts retained translates to a more significant selection of the proposals presented by investors. However, Same Mbaye notes that the analysis of yields allows for clarification of this situation. On August 28, the weighted average yields stood at 7.85% for Bat, 7.77% for 3-year Oat, and 8.24% for 5-year Oat.
Same Mbaye considers that the situation has improved since the September 11, 2026, adjudication. For an amount put up for auction of 100 billion FCfa, submissions reached 109.02 billion FCfa, while 101.34 billion FCfa were retained, representing a coverage rate of 109.02% and an absorption rate of 92.96%.
The analyst notes that the important contextual element intervening between these different adjudications is the technical agreement with the FMI. The envisaged program aims to restore macroeconomic stability and debt viability, reduce budgetary and external vulnerabilities, and strengthen public finances.
The appetite for long-term maturity bonds has increased, with Oat at 3 and 5 years representing 68.3% of retained amounts on August 28, 2026, and 89.7% on September 25, 2026. On September 25, Oat represented nearly 141.62 billion FCfa out of 157.89 billion FCfa in retained submissions, with 3-year Oat concentrating 96.74 billion FCfa, or about 61% of the total retained amount.
Same Mbaye concludes that the adjudications between late August and late September 2026 suggest a strengthening of investors' appetite for Senegalese public titles, particularly long-term maturities. This evolution can be explained by the proposed yields, rate expectations, and the announcement of the program envisaged with the FMI.
Key points
- The Senegalese State raised 157 billion FCfa on the public market with a significant return of investors on 3 and 5-year bonds.
- The improvement in market conditions may be linked to the technical agreement with the International Monetary Fund (FMI).
- Investors' appetite for long-term maturity bonds has increased, with Oat at 3 and 5 years representing a growing proportion of retained amounts.
