Bond issue: The State of Senegal mandates Invictus Capital Finance and raises 150 billion FCFA

The Senegalese economy is entering a new phase in 2025, marked by optimistic growth prospects and significant macroeconomic challenges. In this context, the Senegalese government is seeking to mobilize financing to boost its economy. Thus, the investment management company (IMC) Invictus Capital & Finance has been mandated to raise 150 billion CFA francs locally for the benefit of the Senegalese government.

Since Thursday, Invictus Capital & Finance, a general interest company specializing in asset management, has been coordinating this historic operation. This bond issue, the first of this magnitude under the mandate of President Bassirou Diomaye Faye and his Prime Minister Ousmane Sonko , aims to finance the investments planned in the state budget for 2025. It symbolizes a strong commitment to economic patriotism, by mobilizing national savings to support the country’s development.

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The transaction presents an attractive opportunity for investors, while ensuring stable and secure financing for the State. The issuance is being orchestrated by the General Directorate of Public Accounting and the Treasury (DGCPT), under the supervision of the Ministry of Finance and Budget. Invictus Capital & Finance is playing a central role as lead arranger and manager, alongside Société Générale Sénégal and other financial partners.

The bonds will be listed on the Regional Stock Exchange (BRVM), ensuring their liquidity and attractiveness to institutional and individual investors. This bond issue is part of a strategy to streamline public spending and mobilize domestic financing. If successful, it will help stabilize the budget deficit and invest in sustainable infrastructure.

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Transparency in the management of these funds, as well as the effectiveness of fiscal and investment policies, will be crucial in ensuring debt sustainability and restoring market confidence. This is not Invictus Capital & Finance’s first major transaction in the WAEMU regional financial market. In 2020, the company completed a public bond offering for the Port Autonome de Dakar, amounting to 60 billion FCFA. Between 2023 and 2024, it also managed several bond offerings, notably for the EDK SA group, the State of Senegal, and Sonatel. According to International Monetary Fund (IMF) projections, Senegal’s economic growth is expected to reach 9.3% in 2025, driven by the start of gas production at the Greater Tortue Ahmeyim project.

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