With its fiscal affairs improved by government belt-tightening, Senegal will offer $200 million of five-year bonds yielding about 8.75 percent to finance road building in the West African nation, its first international bond offering. That report is from Bloomberg, which got the news from investors approached to buy the securities.
The relatively small offering is reportedly arranged by Citigroup Inc. With a rally of emerging-market debt since the financial collapse of September 2008, the dollar-denominated debt of developing nations included in JPMorgan Chase & Co.’s EMBI+ Index is trading at 6.595 percent.
Senegal's $13.6 billion economy is rated B+ by Standard & Poor’s, four levels below investment grade.
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