A drone view shows Kermel Market in downtown Dakar, Senegal, May 21, 2025. REUTERS/Zohra Bensemra/File Photo

LONDON, May 26 (Reuters) – Senegal’s government bonds tumbled on Tuesday after the country’s president appointed a new technocrat prime minister days after dismissing Ousmane Sonko, the firebrand former PM long viewed as the main opponent to a debt restructuring.

New Prime Minister, Ahmadou Al Aminou Lo, formerly served as head of the Senegal branch of the Central Bank of West African States.

Senegal’s international government bonds suffered sharp drops.

The 2028 euro-denominated bond fell by some 5.6 cents on the euro – suffering its second largest daily decline in nearly a decade and being bid at 56.6 cents, Tradeweb data showed.

Dollar-denominated bonds dropped nearly 4 cents on the dollar to bid between 50.5 cents and 52.0 cents on the dollar. Both euro- and dollar-denominated debt now trades at deeply distressed levels.