Senegal $500m 10-year bond spread tightening shows appeal of Africa debt

bceao-dakar
BCEAO headquarters in Dakar

Deal terms: Republic of Senegal
Date of issue: May 6, 2011
Size of deal: $500 million
Maturity: May 13, 2021
Coupon: 8.75%
Issue price: 97.574
Issue spread: 9.125% (UST + 596.4bp)
Ratings: B1/B+ (Moody’s/S&P)
Bookrunners: Standard Bank, Standard Chartered Bank

On only its second visit to the international debt markets, the government of Senegal raised $500 million in a 10-year deal; joining Ghana, Nigeria and Gabon in the select group of sub-Saharan African countries to complete a benchmark-sized transa