Senegal's Fiscal Deterioration and Sovereign Eurobond Repricing

Abstract

This study examines Senegal's EUR and USD sovereign curves during the February 2025 fiscal-information sequence. It compares each eligible bond with maturity-matched regional curves and tests whether the relative movement survives an additional sovereign benchmark and observable global-risk controls. The design separates Senegal-specific repricing from reference-rate movements and common regional risk, then places the subsequent rating action within the same information chronology.

Keywords: Senegal · sovereign Eurobonds · fiscal deterioration · relative yields