Investor sentiment towards African sovereign debt has diverged, with Gabon emerging as a top performer while Senegal faces growing instability. Gabon’s dollar-denominated bonds have returned 19.5 percent this year, bolstered by expectations of an IMF programme without the need for debt restructuring. This confidence stems from a recent government audit that revealed lower debt levels than previously estimated. Conversely, Senegal’s bonds have struggled as investors react to concerns over rising debt and stalled IMF negotiations, exacerbated by the discovery of seven billion dollars in previously undisclosed borrowing. Gabon has already leveraged this improved sentiment to raise 920 million dollars in a private bond placement.