Ivorian Banks, Key Buyers of Senegalese Debt

Ivorian banks are confirming their role as a financial hub within the UEMOA region. According to an analysis by the rating agency S&P Global, they are now the main buyers of Senegalese public debt denominated in CFA francs.

Their appetite has grown significantly, with subscriptions tripling to reach a total of 1,800 billion FCFA between January and September 2025. This amount represents 3.1% of Senegal’s GDP and about 42% of all Senegalese securities in circulation, consolidating Abidjan’s central position in the structuring and distribution of sovereign debt in the region.

However, S&P adds an important nuance: this high exposure partly reflects activity from international clients. Ivorian banks often act as intermediaries and preferred counterparties for foreign investors seeking access to the regional market. Their expertise and presence make them highly sought-after partners.

This trend occurs in a context where the domestic Ivorian market is itself highly concentrated: local banks hold nearly 98% of government securities in circulation. Given this massive exposure to Ivorian assets, Senegalese securities—the second-largest economy in UEMOA—offer an opportunity to diversify portfolios.

The S&P report draws two main conclusions. First, it highlights the growing interdependence of UEMOA economies and the search for yield by local financial institutions. Second, and perhaps more importantly, it illustrates the hub function played by Côte d’Ivoire. Abidjan emerges as the gateway and central hub for international capital seeking exposure to regional debt.