Dar es Salaam, Jan. 21 -- SENEGALS January 16, 2026 auction is a very clean numerical snapshot of what has changed in West Africas sovereign financing: The market is still open, but it is charging a much higher credibility premium and it is less willing to lend long.

Senegal raised 154 billion CFA francs (about 254 million dollars) in the WAEMU market, but the maturity split tells you where the fear sits. The 12-month bill cleared at 6.96 per cent (with 87.14 billion in bids and 71.46 billion accepted). The 3-year bond cleared at 7.28 per cent (about 65.89 billion in bids). The 5-year bond cleared at 7.69 per cent, but demand there was thin (only 16.65 billion in bids).

In plain language: Investors will lend, but they prefer short tenor...