Senegal Raises $795 Million in Oversubscribed Regional Bond Sale

Senegal raised 450 billion CFA francs ($795 million) selling bonds on a regional exchange, as the government grapples with funding challenges after a hidden-debt scandal constrained its access to international capital markets.

The bond sale on the West African UMOA-Titres market exceeded the initial target of 300 billion CFA francs, the finance ministry said in a statement at the weekend. It follows the issuing of 364 billion CFA francs of paper at a sale in July.