Commentary & Deal Flow

The Republic of Benin, represented by the Ministry of Economy and Finance (the “Republic”), rated B1 (positive) and BB- (stable) by Moody’s and S&P, has mandated Citi, Emirates NBD Capital, HSBC and J.P. Morgan as Joint Global Coordinators and Joint Bookrunners and Arqaam Capital as a Joint Lead Manager and Joint Bookrunner to arrange a series of fixed income investor meetings in London and calls commencing today, 13 January 2026. A Rule 144A/Regulation S USD benchmark inaugural 7-year Sukuk offering (the “Certificates”) and Rule 144A/Regulation S tap of the Republic’s outstanding USD750m 7.960% conventional notes due 13 February 2038 and/or its USD500m 8.375% notes due 23 January 2041 may follow, subject to market conditions.

Benin Sukuk S.A. (the “Issuer”) will be the issuer of the Certificates with the Republic as Obligor. Emirates NBD Capital and HSBC are acting as Joint Sukuk Structurers.