The Senegalese Government's Poor Operation in the UMOA Public Securities Market

The Senegalese government raised 74.3 billion FCFA in a recent auction, rejecting 10.03 billion FCFA of offers despite a coverage ratio of 105.51%, due to some proposals being too costly amid rising debt levels. The three-year bonds faced particular difficulties, with only 47.96% of offers accepted and a high yield of 8.16%, indicating investors demand a significant premium for medium-term lending. Other segments, like 364-day bills and five-year bonds, performed better, but the overall situation highlights Senegal's fragile bond market position. The government aims to limit borrowing to avoid further debt burden.