The Regional Stock Exchange (BRVM) hosted, on Thursday, July 17, 2025 in Abidjan, the ceremony of the simultaneous first listing of four bond issues from the State of Senegal. An exceptional operation presided over by the Director General of the BRVM, Edoh Kossi Amenounvé, which marks a milestone in the history of the regional financial market with a total amount raised of 405 billion CFA francs.
“I am delighted with this historic operation which is the result of a collective effort and above all the symbol of an Africa whose capital markets are deepening year after year,” said Edoh Kossi Amenounvé, emphasizing the strategic role of the BRVM in mobilizing regional savings to finance development.
This record raising by Senegal illustrates the increasing power of the UEMOA states in the regional market. For reference, the very first sovereign issuance in this space dates back to 1999 with the operation of 30 billion CFA francs carried out by Côte d’Ivoire. Twenty-five years later, the amounts raised reach new heights, with notably 160 billion CFA francs in 2011, 242 billion in 2021, 300 billion in 2022, and 350 billion in 2023 for Côte d’Ivoire. With this Senegalese operation in 2025, the cumulative increase in amounts raised now approaches 1,250%.
Mr. Amenounvé took advantage of this platform to emphasize two priority projects in his eyes for the future of regional public financing. On the one hand, he calls for more innovation in resource mobilization mechanisms. “The partial or total sale of shares in public companies, the securitization of real estate, industrial or infrastructure assets are all avenues that would help alleviate the growing burden of debt service, in a context of limited tax pressure,” he explained.
On the other hand, the Director General of the BRVM mentioned the relevance of issuing zero coupon and bullet bonds, highlighting their advantages for states as well as investors, including simplified debt management and increased profitability in a restricted investment environment.
In his speech, Edoh Kossi Amenounvé expressed his gratitude to the Senegalese authorities “for their vision and transformational leadership” and praised the efficiency of the operation realization chain, congratulating the SGI INVICTUS Capital & Finance (arranger and lead manager), the SGI Société Générale West Africa (co-lead manager), as well as all members of the placement syndicate. He also thanked the Financial Markets Authority of the UEMOA (AMF-UMOA), the Central Depository/Clearing Bank (DC/BR), as well as institutional and individual investors for their renewed confidence in regional financial market instruments.
