With 126 outstanding bonds totaling 4,307.86 billion CFA francs, Senegal will continue to rely heavily on the WAEMU market to finance its development, especially after the various downgrades by rating agencies. Having raised 99 billion CFA francs on Friday, a new bond issue of 95 billion CFA francs is scheduled for November 28th.By Bocar SAKHO –  Senegal raised 99 billion CFA francs last Friday on the West African Monetary Union (WAMU) market. According to the Ministry of Finance and Budget, this operation « is in line with the controlled execution of the 2025 financing plan, » especially since the auction aimed for a target amount of 90 billion CFA francs but generated significant interest from investors, totaling 100 billion CFA francs in subscriptions, representing a coverage rate of 111%. The final amount raised was thus 99 billion CFA francs, a figure that « confirms the market’s renewed confidence in Senegal’s creditworthiness, » the ministry emphasized. The government also plans another simultaneous treasury bond issuance on November 28, 2025, with an auction offering of 95 billion CFA francs. Given the economic situation, the WAEMU market is undoubtedly a lifeline for the Senegalese government, which is facing an extremely difficult financial situation that has even led to the implementation of an economic and social recovery plan (PRES). According to information from the regional market, as of October 31, 2025, Senegal had a total of 126 outstanding securities on the Public Securities Market (MTP), representing an outstanding amount of 4,307.86 billion CFA francs. The total amount of Treasury Bonds (OATs) is 3,581.53 billion CFA francs, and the total amount of Treasury Bills (BATs) is 726.33 billion CFA francs. Far behind, of course, is Côte d’Ivoire with its 182 outstanding bonds totaling 7,458.02 billion CFA francs. But well ahead are Benin with 36 outstanding bonds totaling 1,051.36 billion CFA francs, Burkina Faso with 139 outstanding bonds totaling 2,730.35 billion CFA francs, and Guinea-Bissau with 44 outstanding bonds totaling 491.5 billion CFA francs. With the successive downgrades of the country’s sovereign rating by various rating agencies, the latest being Standard & Poor’s on Friday, recourse to the WAEMU market is unlikely to cease. The international market risks becoming more complicated due to very high interest rates. The most recent rate was set in the very first hours of the change in government. This situation has since forced the country to rely heavily on borrowing from the WAEMU regional market to finance its development. Yet, even this is now being criticized by S&P. The agency states that « although Senegal has executed approximately 70% of its 2025 financing program by borrowing on regional markets, these loans have higher costs (yields exceeding 7%) and shorter maturities than concessional loans. » They conveniently « forget » to mention that the country has virtually no other option.