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Bond Market News
Senegal Bonds Drop on Fiscal Deficit Concerns
September 17, 2024
Senegal’s dollar bonds were lower across the curve after the IMF said that nation’s fiscal position was expected to deteriorate. According to the statement of the IMF, Senegal’s economy slowed in early 2024 with its fiscal deficit widening due to reduced revenues and rising energy subsidies. The IMF highlighted the urgent need for reforms, including cutting untargeted subsidies and streamlining tax exemptions to stabilize public finances and reduce debt. Last year, the IMF had reached a staff-level agreement with Senegal for a $1.5bn facility to support a program of economic reforms. Senegal’s bonds have been volatile since President Bassirou Diomaye Faye signaled plans to dissolve the opposition-controlled parliament last month. Elections for new representatives are scheduled to be held on November 17, according to the statement by the President.
Its 6.75% 2048s dropped by 0.4 points to 72.7 to yield 9.76%.
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