Africa Bonds
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Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns -
Observers have questioned why the country is issuing debt at this price
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The seven year dollar bond's yield will likely be one of the highest in CEEMEA in the last few years
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The familiar problem of inter-creditor opacity has also reappeared
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Company in 'no doubt' a public trade would have delivered better pricing
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As with other private placements from Africa, observers have questioned the merits of the format
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Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
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Speed possible in the private placement market proves attractive, even if the issuer may pay a bit more for it
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Gulf investors 'will now look at every deal', whether sukuk or not
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Demand from the Middle East for the sukuk was steady
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The deal has not been pulled or put on hold, said sources involved
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Deals across several tenors on the same day are becoming more common in 2026
