In its capacity as Co-Arranger and Co-Lead Manager, Finance Gestion et Intermédiation (FGI) is pleased to announce the official launch of the public offering of the State of Senegal bond issuance (Public Offering by Invitation – APE), named “EOS No. 4 2025”, on the UEMOA Regional Financial Market, effective Tuesday, 02 December 2025. The transaction amounts to a total of FCFA 400 billion, divided into four bond tranches with the main characteristics as follows:
- TRANCHE A: FCFA 85 billion with a 3-year maturity, issued at a unit price of FCFA 10,000, bearing an annual interest rate of 6.40%, repaid at maturity (bullet repayment) with semi-annual interest payments.
- TRANCHE B: FCFA 125 billion with a 5-year maturity, issued at a unit price of FCFA 10,000, bearing an annual interest rate of 6.60%, repaid through constant semi-annual amortisation after a one-year grace period.
- TRANCHE C: FCFA 105 billion with a 7-year maturity, issued at a unit price of FCFA 10,000, bearing an annual interest rate of 6.75%, repaid through constant semi-annual amortisation after a two-year grace period.
- TRANCHE D: FCFA 85 billion with a 10-year maturity, issued at a unit price of FCFA 10,000, bearing an annual interest rate of 6.95%, repaid through constant semi-annual amortisation after a two-year grace period.
Issuer | State of Senegal | |||
Designation | « Etat du Sénégal 6,40% 2025-2028» | « Etat du Sénégal 6,60% 2025-2030» | « Etat du Sénégal 6,75% 2025-2032» | « Etat du Sénégal 6,95% 2025-2035» |
Nature of the transaction | Public offering by way of an open subscription (APE) | |||
Nominal value | 10,000 CFA francs | |||
Total issue amount | 85 billions FCFA | 125 billions FCFA | 105 billions FCFA | 85 billions FCFA |
Number of securities issued | 85,000,000 bonds | 12 500 000 bonds | 10 500 000 bonds | 85,000,000 bonds |
Maturity | 3 years | 5 years | 7 years | 10 years |
Annual interest rate | 6,40% | 6,60% | 6,75% | 6,95% |
Capital repayment | Scheduled amortization and half-yearly interest payments | Constant half-yearly repayments, following a one-year grace period | Constant half-yearly repayments, following a two-year grace period | Constant half-yearly repayments, following a two-year grace period |
Payment of interest | Interest is payable semi-annually from the issue date or the following business day if it is not a business day, in accordance with the amortisation schedule of each issuance. | |||
Security / Guarantees | The bonds are secured by an amortisation account (escrow account) opened in the name of the State Treasury of Senegal with the BCEAO. This account will be funded with the resources required to meet payment obligations as they fall due. | |||
Listing on the BRVM | The bonds issued under this transaction will be listed on the BRVM on the first business day following registration with the DC/BR, i.e. two (2) days after settlement and delivery. | |||
Liquidity | The bonds are eligible for refinancing at the BCEAO windows, under the conditions defined by the Monetary Policy Committee. | |||
Taxation | Income from these bonds is exempt from taxation for investors resident in Senegal, and subject to the applicable securities income tax legislation in other countries at the time of interest payment and capital repayment. | |||
Subscription period | From 02 December to 22 December 2025 | |||
