Senegal's sovereign debt just hit a rough patch—its dollar-denominated bonds tanked on Thursday, ranking among the ugliest performers across emerging markets. Why the panic? Whispers are getting louder that the West African nation might need to restructure its debt pile. If that happens, bondholders could be staring down some serious haircuts. The selloff reflects broader jitters about fiscal sustainability in frontier economies, especially as global rates stay elevated and capital gets pickier about where it flows. Investors who loaded up on these higher-yielding bonds are now doing the math on potential recovery rates versus outright losses. Not exactly the kind of volatility anyone signed up for.