Gambiaj.com – (DAKAR, Senegal) – The Senegalese government’s recent attempt to raise 25 billion CFA francs through the issuance of assimilated Treasury bonds (BAT) was met with zero submissions, marking a rare and significant failure on the UEMOA financial market. The bonds, set to mature in 39 days, were issued on Friday, November 29, with a value date of Monday, December 2. However, the auction failed to garner any interest, leaving Senegal empty-handed.

A source within the Ministry of Finance confirmed the unsuccessful attempt, noting the lack of bids from UEMOA-Titres specialists. The Senegalese authorities have remained tight-lipped, declining to comment on the unexpected outcome. No definitive explanations have been provided for the lack of investor interest.

This development is particularly striking given Senegal’s strong performance on the same market just two weeks prior.

On November 15, the government successfully raised 180 billion CFA francs in Treasury bonds, which were significantly oversubscribed despite their one-month maturity. The stark contrast between these outcomes has left analysts puzzled.

Experts we discussed with suggest that the failure might signal growing concerns among investors about Senegal’s financial practices.

Under President Diomaye Faye’s administration, the government has frequently turned to the UEMOA market for short-term fundraising, often relying on Treasury bonds with maturities under a year. While this strategy reflects a pressing need for cash, it may have strained investor confidence.

For now, the failed auction raises broader questions about the country’s fiscal stability and its ability to sustain confidence in its debt market. Whether this signals a deeper issue or a temporary market anomaly remains to be seen.