The short version
The Republic of Senegal has five bonds outstanding in international markets: three in US dollars and two in euros. All five pay a fixed rate of interest that never changes — there are no step-ups (coupons that rise on a set date) and no floating-rate lines.
The thing a newcomer gets wrong is the maturity date. All five bonds are amortising: instead of repaying the whole face amount on one day at the end — the usual bullet structure — each line repays in three instalments, one in each of its final three years. So the 6.25% bond described as a 2033 bond actually starts repaying principal in 2031, and by the time 2033 arrives only the last third is left. That matters for how long your money is actually lent out, and it is why one of these bonds has already given part of the principal back.
Only one of the five instalment schedules — the 6.25% due 2033 — is confirmed from the primary documents. Our tracker records the other four as inferred: we have assumed they follow the same three-equal-instalment pattern, because that is what the confirmed line does and what the prospectuses suggest. Those four are tagged as inferred throughout this page. They are an assumption of ours, not a published figure, and we have not yet checked them against the 2018, 2021 and 2024 final terms.
Senegal's credit has been under strain. Moody's rates it Caa1 and S&P rates it CCC+, both with a negative outlook, following the 2024 hidden-debt scandal: the Court of Auditors confirmed that debt and deficit figures for 2019 to 2023 had been misreported, and debt to GDP was revised to roughly 119%. The IMF programme was frozen in October 2024, and "reprofiling" — rescheduling debt payments to fall later — is under public discussion in 2026.
It is equally important to be precise about what has not happened. As of mid-2026 there has been no eurobond restructuring and no default. All five lines are contractually intact and are being serviced; our tracker records around US$471m paid in March 2026. A reader who leaves this page thinking Senegal has defaulted has misread it.
The five live bonds
Three dollar lines and two euro lines, all fixed-coupon and all amortising in three instalments over their final three years. The dollar lines pay interest twice a year; the euro lines pay once a year. The ISIN shown first on each bond is the Reg S identifier — the version of the bond sold outside the United States. Where a matching US tranche exists it has its own separate ISIN, sold under Rule 144A to large American institutions; the two are the same debt, differently packaged. Our tracker does not record day-count conventions or minimum denominations, so this page does not state them.
6.25% due 23 May 2033
This is the only Senegalese line whose repayment schedule we have confirmed from the primary documents. It repays in three instalments of 33.33% each, in 2031, 2032 and 2033.
It is also the only line with a confirmed 144A twin, so a US institutional holder and an offshore holder can be holding the same bond under two different ISINs.
- Currency
- US dollars confirmed
- Coupon
- 6.25%, fixed for the life of the bond confirmed
- Final maturity
- 23 May 2033 confirmed
- Amount issued
- US$1.1bn confirmed
- Repayment
- Three instalments of 33.33%, in 2031, 2032 and 2033 confirmedThe only schedule on this page taken from a primary source rather than assumed confirmed
- Interest dates
- 23 May and 23 November confirmed
- 144A twin
- US81720TAC99 confirmed
7.75% due 10 June 2031
The newest of the five. It was built up in stages: an initial US$500m in June 2024, a further US$250m in the same week, and US$300m more in October 2024, all consolidated into a single series. That is why the size is quoted as an approximate total rather than a round number.
Our tracker assumes it repays in three roughly equal instalments in 2029, 2030 and 2031, mirroring the confirmed 2033 line, and flags that assumption as unverified.
- Currency
- US dollars confirmed
- Coupon
- 7.75%, fixed for the life of the bond confirmed
- Final maturity
- 10 June 2031 confirmed
- Amount issued
- About US$1.05bn, after two taps consolidated into one series stated as approximate
- Repayment
- Three roughly equal instalments in 2029, 2030 and 2031 inferredEqual thirds are our assumption from the prospectus pattern, not a published schedule inferred
- Interest dates
- 10 June and 10 December inferred
6.75% due 13 March 2048
The longest-dated line, issued in 2018 alongside the euro 2028. Principal is not scheduled to start coming back until 2046 on our reading.
A data vendor flags this bond as possibly callable — meaning Senegal might have the right to repay it early on set terms. Our tracker treats that as unconfirmed and warns against relying on a yield-to-maturity calculation until it is checked.
- Currency
- US dollars confirmed
- Coupon
- 6.75%, fixed for the life of the bond confirmed
- Final maturity
- 13 March 2048 confirmed
- Amount issued
- US$1.0bn confirmed
- Repayment
- Three roughly equal instalments in 2046, 2047 and 2048 inferredEqual thirds are our assumption from the prospectus pattern, not a published schedule inferred
- Interest dates
- 13 March and 13 September inferred
- 144A twin
- A US tranche is likely, but we have not confirmed an ISIN inferred
4.75% due 13 March 2028 (euro)
This is the one line that is already part-repaid. Its 13 March 2026 instalment has been paid, so on our reading roughly €667m of the original €1.0bn remains outstanding — about two thirds.
That distinction matters when reading any quoted figure for this bond: a percentage of the original face amount and a percentage of what is actually still owed are two different numbers. The instalment split itself is our assumption, so the €667m follows from that assumption rather than from a published notice.
- Currency
- Euros confirmed
- Coupon
- 4.75%, fixed for the life of the bond confirmed
- Final maturity
- 13 March 2028 confirmed
- Amount issued
- €1.0bn confirmed
- Amount outstanding
- About €667m, after the 13 March 2026 instalment stated as approximate
- Repayment
- Three roughly equal instalments in 2026, 2027 and 2028 inferredEqual thirds are our assumption from the prospectus pattern, not a published schedule inferred
- Interest dates
- 13 March, once a year inferred
5.375% due 8 June 2037 (euro)
The smaller of the two euro lines, issued in 2021. Its interest date is confirmed; its instalment schedule is not, and is carried here as an assumption of equal thirds in 2035, 2036 and 2037.
- Currency
- Euros confirmed
- Coupon
- 5.375%, fixed for the life of the bond confirmed
- Final maturity
- 8 June 2037 confirmed
- Amount issued
- €775m confirmed
- Repayment
- Three roughly equal instalments in 2035, 2036 and 2037 inferredEqual thirds are our assumption from the prospectus pattern, not a published schedule inferred
- Interest dates
- 8 June, once a year confirmed
Where the credit stands, stated carefully
Two things are true at once and both belong on the page. Senegal is rated Caa1 by Moody's and CCC+ by S&P, both on negative outlook. The 2024 hidden-debt scandal led the Court of Auditors to confirm that 2019–2023 debt and deficit figures had been misreported, debt to GDP was revised to around 119%, and the IMF programme was frozen in October 2024. "Reprofiling" — pushing debt payments further out in time — is being discussed publicly in 2026.
At the same time, as of mid-2026 there has been no restructuring of these eurobonds and no missed payment. A restructuring is a formal renegotiation in which holders accept changed terms, usually less money or later money; nothing of that kind has happened to these five lines. They remain contractually intact and are being serviced, with around US$471m paid in March 2026. Discussion of reprofiling is not the same thing as a restructuring having occurred.
What this page deliberately leaves out
Our tracker also holds material about how our own pricing model treats these bonds — sensitivity settings, duration assumptions, which lines are anchored to an external close and which are shown model-only because no euro price source exists yet. That is internal machinery rather than a term of the bonds, so it is not described here.
This is a page about terms, not about market levels, and nothing here should be read as advice.
What we are not sure about
Four separate open items are recorded in our tracker. We publish them rather than smooth them over.
Four of the five instalment schedules are our assumption
Only the 6.25% due 2033 has an instalment schedule confirmed from the primary documents. For the 2028, 2031, 2037 and 2048 lines we have assumed three equal instalments across the final three years, because that is the pattern the confirmed line follows. This is our inference, not a published figure, and it drives every date and outstanding amount we show for those four bonds — including the roughly €667m we state for the euro 2028.
These need checking against the 2018, 2021 and 2024 final terms, which we have not yet done.
Some coupon dates are convention, not confirmation
The November and September interest dates on the dollar 2031 and dollar 2048, and the annual euro coupon date on the 2028, are flagged in our tracker as inferred and still to be confirmed against the final terms. The 2033 dollar dates and the 8 June date on the euro 2037 are confirmed.
The 6.75% 2048 may have a call feature
A data vendor flags this bond as callable, meaning the Republic could have the right to repay it before 2048. We have not been able to confirm that from a public document. Until it is confirmed, any yield-to-maturity figure for this line should be treated with caution, because a callable bond may not run to its stated maturity at all.
One 144A ISIN is unconfirmed
The US tranche of the 6.25% 2033 is confirmed as US81720TAC99. Our tracker notes that the 6.75% 2048 likely has a US tranche too, but we have not confirmed its ISIN, so we do not print one.
Where every figure here comes from
Terms on this page come from public records only. No vendor or provider price feed underlies them. Our tracker names the documents but does not record web addresses for them, so nothing here is hyperlinked.
| What it tells us | Source |
|---|---|
| ISINs, coupons, maturities and issue amounts | Euronext Dublin / Irish Stock Exchange listings, together with the 2017, 2018, 2021 and 2024 prospectuses and Cleary Gottlieb deal notes. No URL is recorded in our tracker, so none is linked. |
| The confirmed instalment schedule on the 6.25% 2033 | The same prospectus set — this is the one schedule taken directly from a primary document. |
| The 2024 issuance and the taps that built the 7.75% 2031 | GlobalCapital, IFR and Reuters reporting, plus the prospectuses and deal notes for the taps and tenders. |
| The debt revision and the IMF programme status | Court of Auditors report, February 2025, and the IMF. |
| The four inferred instalment schedules and the flagged coupon dates | Not from a source. These are our own assumption, taken from the pattern of the confirmed 2033 schedule, and flagged as inferred pending a check against the 2018, 2021 and 2024 final terms. |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
What the two have to do with each other is this. On a normal trading day a closing quote for these bonds reaches us from the market, and that anchors what the price page shows. Between closes the price moves with the things that move this market: US Treasury yields, how much extra return investors demand for African sovereign risk, market volatility and, for commodity exporters, commodity prices. Where a bond repays in instalments rather than in one go, the calculation also has to know how much of it is left on any given day — which is what the repayment schedules above are for. Get a schedule wrong and the published price is wrong.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
See live African Eurobond prices →