Senegal has successfully raised funds on the regional public securities market, mobilizing 143 billion FCFA with an impressive coverage rate of 184.53%, a sign of renewed confidence from regional investors in the Senegalese government’s creditworthiness.

An Operation That Far Exceeds Expectations

On Friday, February 6, 2026, the Directorate General of Public Accounting and the Treasury (DGCPT), in partnership with the WAEMU-Securities agency, launched a targeted auction to finance the 2026 budget needs. Initially seeking a modest amount of 77.5 billion FCFA, the government benefited from overwhelming interest: bids reached 263.2 billion FCFA, representing a record coverage rate of 184.53%.

The operation ultimately raised 143 billion FCFA, demonstrating a controlled absorption rate of 54.3%, in a highly liquid regional market.

Attractive Financing Conditions

The auction covered several lines of instruments:

• 91-day Treasury Bills (BAT): weighted average yield of 6.12%;
• 182-day BAT: yield of 6.45%;
• 3-year Treasury Bonds (OAT): marginal yield of 6.95%, weighted average of 6.82%;
• 5-year OAT: marginal yield of 7.15%, average of 7.02%.

These conditions reflect moderate pressure on regional interest rates, but above all, they demonstrate Senegal’s ability to borrow at reasonable costs despite a constrained budgetary environment.

Regional Investor Confidence

This success is part of a series of recent positive transactions:

• On January 16, 2026, Senegal raised 154 billion FCFA (121.20% coverage) through 364-day Treasury Bills and 3/5-year Treasury Bonds;
• At the end of December 2025, a Public Offering (APE 4) raised 560 billion FCFA, representing 140% of the initial target.
• Throughout 2025, the country raised a record 4,004 billion FCFA on the WAEMU regional market, confirming its position as the leading issuer in the zone.

Budgetary Context and Use of Funds

These resources are part of an ambitious budgetary framework for 2026:

• Public Investment Program 2026-2028: 8,947 billion FCFA planned, of which 2,803 billion FCFA is allocated in 2026 (31% of the total) for economic competitiveness, human capital, sustainable infrastructure, and governance;
• Priorities: innovation, regional private sector, education/health (3,281 billion FCFA), climate-resilient infrastructure (2,573 billion FCFA).

The funds raised will primarily be used to cover cash flow needs and to finance strategic projects of the Emerging Senegal Plan (PSE) and Vision 2050, in a context where access to international markets remains limited.

An indicator of macroeconomic strength

This coverage ratio of 184.53% exceeds the regional average and reflects several positive signals:

• Confidence among WAEMU banks and institutional investors in Senegal’s fiscal trajectory;
• Depth of the regional market: abundant liquidity and appetite for high-quality sovereign bonds;
• Prudent management: selective absorption to avoid overheating future interest rates.

Prospects for 2026 financing

This operation strengthens Senegal’s credibility in the regional market and paves the way for:

• further auctions scheduled for 2026, within the framework of the three-year Public Investment Program (PIP);
• a mix of domestic financing (4,509 billion FCFA planned), grants (405 billion FCFA), and external borrowing (438 billion FCFA);
• a gradual diversification towards Eurobonds if international conditions improve.

For Senegal, achieving a 184% coverage raise in a context of slightly rising interest rates is proof that regional investors continue to have confidence in its development trajectory, despite budgetary and economic challenges.