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Senegal Makes Payments on Its Eurodollar Bonds
March 13, 2026
Senegal made the coupon and principal payments on its offshore bonds ahead of the March 13 deadline, helping the country avoid a potential default. The central bank transferred €380mn and $33mn to its 4.75% 2028 and 6.75% 2048 bondholders respectively. Due to normal settlement delays, investors can expect the funds to appear in accounts by the end of the week. The payments come as Senegal seeks to restart IMF support, which was suspended in 2024 after authorities uncovered about $7bn in previously undisclosed debt accumulated by the prior government. According to JPMorgan Chase & Co.’s index, Senegal is Africa’s riskiest sovereign credit with the highest sovereign risk premium as compared to US Treasuries. The government has relied on regional market funding to service its external debt, demonstrating a strong willingness to meet obligations. However, analysts believe that potential external shocks, such as higher import costs linked to geopolitical tensions, could further strain the country’s finances.
Its 6.75% 2048s were trading stable at 54.8, yielding 13%
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