{"id":8802,"date":"2026-02-02T18:54:25","date_gmt":"2026-02-02T18:54:25","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8802"},"modified":"2026-02-02T17:58:23","modified_gmt":"2026-02-02T17:58:23","slug":"dette-publique-les-adjudications-des-16-et-30-janvier-2026-revelent-lessoufflement-du-marche-regional-face-au-senegal","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8802","title":{"rendered":"DETTE PUBLIQUE : LES ADJUDICATIONS DES 16 ET 30 JANVIER 2026 REVELENT L\u2019ESSOUFFLEMENT DU MARCHE REGIONAL FACE AU SENEGAL"},"content":{"rendered":"<p><strong>Par Pr Amath Ndiaye FASEG-UCAD<\/strong><\/p>\n<p>Les adjudications de titres publics organis\u00e9es par l\u2019\u00c9tat du S\u00e9n\u00e9gal les 16 et 30 janvier 2026 constituent un tournant r\u00e9v\u00e9lateur dans l\u2019analyse de la confiance du march\u00e9 r\u00e9gional. Si, en apparence, les montants recherch\u00e9s ont \u00e9t\u00e9 mobilis\u00e9s, une lecture attentive des donn\u00e9es<\/p>\n<p><strong>16 janvier 2026 : une couverture correcte, mais d\u00e9j\u00e0 d\u00e9fensive<\/strong><\/p>\n<p>Lors de l\u2019adjudication du 16 janvier 2026, le Tr\u00e9sor s\u00e9n\u00e9galais recherchait 140 milliards FCFA et a finalement retenu 154 milliards, pour des soumissions totales d\u2019environ 170 milliards FCFA. \u00c0 premi\u00e8re vue, l\u2019op\u00e9ration peut \u00eatre qualifi\u00e9e de r\u00e9ussie.<\/p>\n<p>Cependant, la structure de la demande r\u00e9v\u00e8le une r\u00e9alit\u00e9 plus nuanc\u00e9e :<br \/>\nl\u2019essentiel des montants a \u00e9t\u00e9 lev\u00e9 sur des instruments de court terme, traduisant une pr\u00e9f\u00e9rence marqu\u00e9e des investisseurs pour des horizons tr\u00e8s courts. Le march\u00e9 accepte encore de financer l\u2019\u00c9tat, mais r\u00e9duit d\u00e9j\u00e0 la dur\u00e9e de son exposition, signe d\u2019une prudence accrue face \u00e0 la trajectoire budg\u00e9taire et d\u2019endettement.<\/p>\n<p><strong>30 janvier 2026 : le signal d\u2019alerte devient explicite<\/strong><\/p>\n<p>L\u2019adjudication du 30 janvier 2026 marque une \u00e9tape suppl\u00e9mentaire dans cette \u00e9volution. Sur un objectif initial de 120 milliards FCFA, les soumissions ont atteint environ 142 milliards, pour un montant retenu de 125,7 milliards FCFA. L\u00e0 encore, le taux de couverture d\u00e9passe 100 %, mais la composition du financement est particuli\u00e8rement pr\u00e9occupante.<\/p>\n<p>Pr\u00e8s de 90 % des montants retenus proviennent de Bons du Tr\u00e9sor \u00e0 364 jours, tandis que :<\/p>\n<ul>\n<li>les OAT \u00e0 3 ans sont faiblement absorb\u00e9es,<\/li>\n<li>les OAT \u00e0 5 ans restent marginales,<\/li>\n<li>et surtout, les OAT \u00e0 7 ans sont totalement rejet\u00e9es par le march\u00e9.<\/li>\n<\/ul>\n<p>Ce rejet du long terme est un signal fort. Il ne refl\u00e8te pas une p\u00e9nurie de liquidit\u00e9 r\u00e9gionale, mais bien une r\u00e9ticence croissante des investisseurs \u00e0 porter le risque souverain s\u00e9n\u00e9galais dans la dur\u00e9e.<\/p>\n<p><strong>Un co\u00fbt \u00e9lev\u00e9 et un risque de refinancement croissant<\/strong><\/p>\n<p>Les deux adjudications de janvier 2026 s\u2019accompagnent de rendements \u00e9lev\u00e9s, proches de 7 \u00e0 8 %, y compris sur des maturit\u00e9s tr\u00e8s courtes. Cette configuration est particuli\u00e8rement d\u00e9favorable : elle combine un co\u00fbt de financement \u00e9lev\u00e9 et un raccourcissement marqu\u00e9 des \u00e9ch\u00e9ances.<\/p>\n<p>Dans ces conditions, l\u2019\u00c9tat s\u2019expose \u00e0 un risque de refinancement permanent, contraint de revenir fr\u00e9quemment sur le march\u00e9 pour renouveler sa dette, avec une charge d\u2019int\u00e9r\u00eats et de commissions qui progresse plus vite que les recettes publiques. La dynamique d\u2019endettement devient alors auto-entretenu.<\/p>\n<p>Avec un besoin de financement \u00e9valu\u00e9 \u00e0 6 075 milliards FCFA en 2026, les enseignements tir\u00e9s des adjudications des 16 et 30 janvier sont sans \u00e9quivoque : le march\u00e9 r\u00e9gional, \u00e0 lui seul, ne peut durablement absorber un tel volume dans les conditions actuelles. Derri\u00e8re des adjudications formellement couvertes, la qualit\u00e9 du financement se d\u00e9grade, tant par le raccourcissement des maturit\u00e9s que par le rench\u00e9rissement du co\u00fbt de la dette.<\/p>\n<p>Les adjudications de janvier 2026 ne doivent donc pas \u00eatre interpr\u00e9t\u00e9es comme des succ\u00e8s isol\u00e9s, mais comme de v\u00e9ritables signaux d\u2019alerte. Elles r\u00e9v\u00e8lent que la strat\u00e9gie de gestion active de la dette atteint aujourd\u2019hui ses limites et que les march\u00e9s semblent d\u00e9j\u00e0 avoir int\u00e9gr\u00e9 l\u2019hypoth\u00e8se d\u2019une restructuration de la dette, devenue de plus en plus difficile \u00e0 \u00e9viter.<\/p>\n<p>La concentration quasi exclusive des financements sur les Bons du Tr\u00e9sor \u00e0 un an traduit clairement la position des investisseurs r\u00e9gionaux : les banques ne souhaitent plus s\u2019exposer au risque souverain s\u00e9n\u00e9galais au-del\u00e0 du tr\u00e8s court terme. Ce repli sur les maturit\u00e9s courtes accro\u00eet m\u00e9caniquement les risques de refinancement et fragilise la trajectoire budg\u00e9taire.<\/p>\n<p>Dans ce contexte, l\u2019\u00c9tat du S\u00e9n\u00e9gal se trouve confront\u00e9 \u00e0 une \u00e9quation de plus en plus d\u00e9licate. Il lui devient difficile de faire face simultan\u00e9ment au service croissant de la dette, aux revendications sociales et syndicales, et aux exigences de relance \u00e9conomique. Or, r\u00e9pondre \u00e0 ces imp\u00e9ratifs suppose des financements longs, stables et soutenables, pr\u00e9cis\u00e9ment ceux que le march\u00e9 r\u00e9gional n\u2019est plus en mesure de fournir dans la configuration actuelle.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Pr Amath Ndiaye<\/strong><\/p>\n<p><strong>FASEG-UCAD<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Par Pr Amath Ndiaye FASEG-UCAD Les adjudications de titres publics organis\u00e9es par l\u2019\u00c9tat du S\u00e9n\u00e9gal les 16 et 30 janvier 2026 constituent un tournant r\u00e9v\u00e9lateur&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8412,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,16],"tags":[],"class_list":["post-8802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","category-contribution","wpcat-15-id","wpcat-16-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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