After a first issue in 2004 and a second in 2008, the Autonomous Port of Dakar (PAD) launched on October 1, 2020, a public call for savings called "PAD 6.60% 2020-2027". The objective of the operation is to mobilize resources to decongest its traffic.

The total amount of the issue amounts to 60 billion CFA francs (approximately 108 million USD) with an annual cut of 6.6%. The bonds have a minimum value of 10,000 FCFA each (about 18 USD), for 6 million bonds issued on the market with a maturity of 7 years. Subscription to this public offering which began on Thursday extends until October 30, 2020.

"The Autonomous Port of Dakar is in very good financial health," said El hadji Mbacké Fall, CEO of SGI Invictus Capital & Finance, arranger and leader of the placement syndicate for the structuring and placement of the operation. The latter aims to finance the construction and development project of the port in Ndayane.
This fundraising on the WAMU financial market by the Autonomous Port of Dakar is intended to finance the construction and development project of the port in Ndayane. This project should allow the port platform to attract the latest generation ships by 2025 thanks to its quay depth of 18 m (the deepest on the Atlantic coast) and will be backed by a Port Industrial Zone (ZIP ) to become one of the most dynamic industrial clusters on the African continent.

"What we are doing today by going to the financial market to raise resources that will make it possible to catch up on the delay in terms of investment in port structures will make Senegal a logistics and industrial hub at the level of the sub-region. West African. The port of Ndayane is another dimension which will not only be beneficial for Senegal, but also for the rest of the continent", indicated Aboubacar Sedikh Beye, Director General of PAD, during the launching ceremony of the operation. .

“We certainly handle 95% of Senegal's traffic, but also 80% of hydrocarbons and 65% of Mali's other traffic. This port will transform the economy of the country and of Africa, which accounts for 3% of international trade,” he added.

“Good financial health”

The Autonomous Port of Dakar has mandated SGI Invictus Capital & Finance, as arranger and leader of the underwriting syndicate for the structuring and placement of this operation. A structure whose CEO, El hadji Mbacké Fall, during the event, highlighted some advantages granted to subscribers within the framework of this bond loan.

“The Autonomous Port of Dakar is in very good financial health, as evidenced by the rating from the Wara agency, which is A- in the long term and “w-3” in the short term. With a stable outlook, the comfort letter from the State of Senegal supports this public offering and also offers a decriminalization of taxes on interest income received by resident investors in Senegal,” he said. declared.

With regard to the liquidity of the securities, they will be the subject of an introduction to the Regional Stock Exchange (BRVM) within a maximum of two months after the closing of the operation, according to the SGI Invictus Capital & Finance. This will, it is said, ensure the liquidity of the securities which can be bought and sold at any time according to the law of market supply and demand. These securities will also be eligible for BECAO refinancing windows, under the conditions set by the Monetary Policy Committee.