Senegal Eurobonds See Record Drop on Prime Minister’s Debt Stand

Senegal’s eurobonds plunged after Prime Minister Ousmane Sonko ruled out a debt restructuring following negotiations with the International Monetary Fund, leaving the country with few options to ease its fiscal strain.

The West African nation’s dollar bonds maturing in 2031 slumped 3.8 cents to 73.08 cents on the dollar at 12:01 p.m. in London on Monday. That’s the most on record on a closing basis and extended loses for a third day. Notes due 2048 fell 2.4 cents to 60.28 cents on the dollar, heading for the biggest drop since April.