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Senegal’s Dollar Bonds Tick Higher as Prime Minister Rules Out Debt Restructuring Again
January 12, 2026
Senegal’s dollar bonds inched higher after Prime Minister Ousmane Sonko reiterated that the government will not pursue a debt restructuring and instead rely on domestic markets to finance its budget and service its debt. Sonko said Senegal has continued servicing its debt for the past 18 months without external support and highlighted a XOF 560bn ($1bn) oversubscribed regional bond sale as evidence of funding access, despite limited entry to global markets. While markets welcomed the firm stance, analysts cautioned that heavier dependence on local borrowing offers only temporary relief and could worsen refinancing risks. Economists warn domestic issuance may crowd out private credit and strain sustainability over time, noting that some fiscal adjustment will likely be required to secure a new IMF program, even as President Bassirou Diomaye Faye backs the government’s opposition to restructuring.
Senegal’s dollar bonds touched their November highs with its 6.25% 2033s at 63.8, yielding 14.4%.
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