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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
Data
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The trade might not be the sovereign's only one of the year -
Years of credit improvements have given landlocked country a loyal following among EM investors
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The countries' euro curves trade at similar levels, but Benin will have to come wider in dollars
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The issuers are diverse and will not cannibalise demand, said one banker
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The country rarely issues more than one public bond a year
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Previous changes of the central bank's governor were unwelcome, but the market was steady on Monday
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