LONDON, May 26 (Reuters) - International investors are likely to price in a higher chance that Senegal defaults on debt following Friday's sacking of Prime Minister Ousmane Sonko, investment bank Morgan Stanley warned on Tuesday as the country's bonds suffered a sharp fall.

"Our client conversations suggest that this move was not in investors' base case," Morgan Stanley said in a research note on the dismissal of Sonko - who had long been seen as against a debt restructuring - and his replacement as prime minister on Monday with former central bank official Ahmadou Al Aminou Lo.

"We think the (Senegal) curve will likely underperform in the near term," it added referring to the country's bonds, "and potentially see 3-4 point moves lower as investors price in higher odds of a debt rework."