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Senegal’s Dollar Bonds Trend Higher on Political Developments
September 11, 2024
Senegal’s dollar bonds continue to move higher thanks to positive political developments. As per Bloomberg, the Senegal President’s administration signaled plans to dissolve the opposition-controlled parliament bid to secure a majority after September 12. Senegal’s dollar bonds have broadly been pressured by political uncertainty and delays in an IMF program. While the President has spoken about bringing change, he has however faced resistance from lawmakers. Carmen Altenkirch, an analyst at Aviva notes that if the elections are called and the President secures a parliamentary majority, Senegal’s “reform agenda and IMF program could quickly be reinstated”.
Senegal’s 6.95% 2048s were up 1.1 points to 73.4, yielding 9.68%.
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