Senegal’s Bonds Slide as Sonko’s Cabinet Probes Budget Holes
- Prime minister says debt, budget deficit were under-reported
- Nation’s dollar bonds fall on news of planned investigation
Prime Minister Ousmane Sonko
Photographer: Annika Hammerschlag/BloombergThis article is for subscribers only.
Senegal’s dollar bonds weakened sharply after the government announced a probe into the previous administration for painting an unrealistic picture of the country’s finances.
The bonds were the worst performers in a Bloomberg index of emerging and frontier sovereign dollar debt. The yield on the securities due 2048 climbed 34 basis points to 9.84% by 8:30 a.m. in London. The yields on the notes due 2033 and 2031 were also climbing quickly.