Senegal Dollar Bonds Rally as Government Talks With IMF Progress
President Bassirou Diomaye Faye’s government cut its economic growth forecast to 7.8% from 8.8%.
Photographer: Ludovic Marin/AFP/Getty ImagesSenegal’s dollar bonds advanced following remarks by the finance minister suggesting progress toward a new credit facility with the International Monetary Fund.
The West African nation’s dollar bonds led gains among emerging-market peers on Friday as investors digested the comments, with the yield on Senegal’s bond due 2031 dropping 92 basis points to 19.7%, the lowest level since mid-December.