DAKAR - $750 million is the amount Senegal raised on the Eurobond market this week.
Senegal became the fourth sub-Saharan African nation to tap the market this year, with a bond sale that shows investors are gaining confidence in its new government.
The emerging oil and gas producer raised $750 million of debt maturing in 2031 in two tranches at a coupon rate of 7.75%, according to data compiled by Bloomberg.
The original $500 million was sold on Monday and increased by $250 million on Tuesday. JPMorgan Chase & Co. was the lead manager on the two portions, the data shows.
Senegal joins Côte d’Ivoire, Benin, and Kenya on the list of African countries that borrowed from international capital markets this year.
It marks Senegal’s first major Eurobond issue since President Bassirou Diomaye Faye took office in April.
Senegal is expected to begin oil and gas production later this year, a factor that could boost real gross domestic product growth to an average of 9.8% between 2024 and 2025, according to the African Development Bank.
