Exclusive interview with Ababacar S. DIAW, Managing Director of SGI IMPAXIS Securities, (Arranger & Lead Manager)
As the State of Senegal relies on an unprecedented Public Offering of 300 billion CFA francs, SGI Impaxis Securities is at the forefront. For its Managing Director, Ababacar S. Diaw, this loan goes beyond simply raising funds: it embodies a strong signal of confidence in the national economy and a showcase of Impaxis’s technical and strategic expertise. “The APE launched by Senegal is an act of trust and faith in the Senegalese economy.”
Impaxis Securities is the arranger and lead manager of this operation. How do you explain the state’s confidence in your expertise?
We would like to thank the Authorities for their trust in entrusting us with the structuring and management of this third major sovereign operation of the State of Senegal. This trust is the result of our regional anchoring, our proven track record in the regional financial market, and our historical commitment to structuring operations with a strong impact on the real economy. Over the past years, we have raised over 750 billion CFA francs in the regional financial market for supranational institutions and strategic companies, with a success rate of 100%. Our strength lies in our ability to reconcile the technical requirements of institutional investors with a logic of economic impact.
What are the distinctive points of this bond issuance compared to previous sovereign operations in the WAEMU?
I would simply say: “You don’t change a winning team.” Although this operation follows a proven structured format (multiple tranches, attractive net rates, multiple maturities, etc.), it is part of a new strategic context, with several differentiating elements:
- This issuance comes at a key moment, with a +8.4% growth expected in 2025 (IMF), driven by the exploitation of offshore resources. It becomes a direct vector of macroeconomic stabilization.
- The State of Senegal has strengthened its level of transparency and budget management while actively managing its debt.
- Unlike some past more general issuances, this one specifically targets the massive clearance of domestic debt, with an immediate effect on the local economic fabric, especially SMEs.
- The operation is designed to mobilize endogenous resources, with a priority given to investors from the region (WAEMU) and the diaspora, in line with the sovereign agenda of the State of Senegal.
- It is the largest issuance in local currency by the State of Senegal, 300 billion CFA francs, which also reflects the vision and ambition of the Issuer.
- Thanks to the experience gained from previous operations and Impaxis’s expertise, we have optimized the placement channels and enhanced digitalization, especially in terms of diaspora subscriptions.
Finally, I would like to say that the major specificity of this operation lies in the crucial role that the diaspora will play in a “Call of Duty” momentum.
How do you reassure investors about the profitability and security of this product?
This bond issuance offers an attractive risk-return profile for institutional investors seeking diversification. With net yields above 6.5%, in a regional environment marked by controlled inflation, it offers a competitive return for intermediate to long maturities.
It should also be noted that in a macroeconomic context marked by a beginning of declining interest rates, the operation offers an even more interesting return for investors with a controlled and decreasing risk, along with the positive outlook presented above.
The operation is supported by the 2nd largest economy in the WAEMU zone, benefiting from a respected signature and a flawless payment history, both in the regional and international markets.
Furthermore, for this 3rd operation, the Authorities offer a secure and useful investment, accessible to all. For individuals, whether they reside in Senegal, elsewhere in Africa, or in the diaspora, this operation represents a rare opportunity to reconcile savings, return, and African economic patriotism.
- A guaranteed net return, without taxation for residents, much higher than the rates of traditional Treasury Bills or other available investment products.
- An operation accessible from XOF 10,000 via Impaxis or the SGIs member of the placement syndicate, including from abroad.
- An operation with a direct impact on the country where each subscription contributes to reviving the real economy, paying local businesses, and supporting the country’s priority investments.
For the diaspora, it is also a concrete way to participate in the development of Senegal, in a traceable, profitable, and long-term goal-aligned manner.
What strategies are you using to mobilize institutional investors, banks, and the general public?
We have set up a broad framework with a placement syndicate composed of SGIs in the 8 countries of the WAEMU zone, which can provide considerable distribution strength.
A program of investor roadshows, physical and virtual, is also prepared to bring information closer to the universe of potential investors, in Senegal, in the WAEMU region, and worldwide.
The successive modernizations of our regional market have led most SGIs to have digital distribution and subscription channels, facilitating participation in this operation for all investors regardless of their geographical location.
What communication and awareness strategy are you deploying to reach the diaspora and strengthen citizen savings?
Our strategy for the diaspora is based on three pillars:
Digitalization of subscription: possibility to subscribe from abroad via almost all SGIs. The subscription process is fully digitalized. An e-roadshow was organized on Saturday, September 20th with a large audience. The operation was presented with its characteristics, specificities, and the subscription process especially for the Diaspora.
We have also set up a dedicated landing page for the operation that will provide news about the operation but also specific guides on “how to subscribe,” “the terms of the operation and its attractions,” as well as the standardized and secure framework of the regional financial market, a great tool for financing our economies in the WAEMU zone.
Among others:
- A targeted campaign on social and community platforms (WhatsApp, LinkedIn, diaspora newsletters) with educational content.
- Partnerships with diaspora associations and African chambers of commerce in Europe and North America, to convey the message that “patriotic savings can also be profitable.”
The message is clear: you can contribute to the recovery of your country while securing an attractive investment.
What closing message do you want to address to the market to convince of the relevance of this fundraising?
This operation is more than a financial product. It is an act of trust/faith in the Senegalese economy. It is an opportunity for investors to combine return, security, and impact.
By participating, you support (i) the revival of the private sector, (ii) structuring public investment, and (iii) the budget consolidation of one of the most dynamic States in the WAEMU zone.
We invite all investors, regional, diasporic, institutional, or individual, to join this dynamic and make “State of Senegal 2025 Bond Offering” a shared success.
This is also the dawn of a new era for African countries overall and more specifically the WAEMU States. We must and can structure/mobilize more endogenous financing. The goal is not to isolate ourselves from the world but rather to start from ourselves to open up to the world. This wave will not only pass through bond products but through a whole range of asset classes to structure and finance a more robust and sustainable economy.
