Senegal's Presidential Election Boosts Bond Markets
By
Abdoulaye Ndiaye
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
Senegal's sovereign dollar bonds experienced substantial gains, outperforming emerging markets, as investors expressed confidence in a stable government amid Bassirou Diomaye Faye's presidency. Market apprehension initially weakened after the opposition's early lead, but improved as Amadou Ba conceded the election to Faye. This resulted in a 22 basis points drop to 9.60% in the yield of the 2048 debt and a price increase to 73.99 cents on the dollar. Similarly, the rate on the 2033 note fell by 23 basis points to 8.94%. The positive market response reflects growing optimism towards Senegal's future under Faye's leadership.