Senegal Attracts Almost $10 Billion in Eurobond Bids

West African nation issues $2.2 billion of dollar, euro debt
Senegal to buy back $200 million of existing 2021 securities

Vehicles sit at a parking lot in the Plateau district of Dakar, Senegal.
Photographer: Bloomberg/Bloomberg

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By Paul Wallace, Lyubov Pronina and Malick Ciss

March 6, 2018 at 5:39 PM UTC

Updated on

March 7, 2018 at 2:00 PM UTC

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Senegal received more than $10 billion of orders for a $2.2 billion Eurobond on Tuesday as debt from African governments remains in hot demand with yield-hungry investors.

The West African nation sold 1 billion euros ($1.2 billion) of notes with an average life of nine years and a separate $1 billion 29-year tranche, the Finance Ministry said in a statement Wednesday. The euro notes yielded 4.75 percent and the dollar securities 6.75 percent.