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Politics

Senegal’s Bonds Rally as President Rules Out Bid for Third Term

  • President Sall’s coalition still has edge in next year’s vote
  • Economic growth set to jump this year on oil, gas production
Macky Sall

Macky Sall

Photographer: Carlos Costa/AFP/Getty Images
Updated on

Senegalese international bonds rallied as investors welcomed President Macky Sall’s decision to rule out a third term for himself, a move that is likely to reduce risks of protests ahead of next year’s elections.

Yields on Senegal’s euro and dollar-denominated debt fell at least 25 basis points to the lowest levels since February. The bonds are now some of the best performers among emerging-market peers this year.