Benin euro bond prelude to more Africa issuance

By Mariam Meskin
12 Jan 2021

The Republic of Benin on Tuesday launched a euro bond, its second entry into international markets since its debut in 2019. Bankers on the deal believe the bond is the beginning of a surge in sub-Saharan African issuance, with other sovereigns including South Africa and Nigeria also expected to enter the bond market in the coming months.

The Republic of Benin, rated B+/B by Standard & Poor's and Fitch, hit the market on Tuesday for a Reg S/144A euro benchmark bond with a tenor of 11 years. The issuer also said it would consider a 30 year tranche, depending on reverse enquiry. 

By Tuesday morning, Benin ...

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