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by Chris Reich
Jan 22, 2026 3:48 PM ET
Republic of Benin (BENIN), exp issue ratings B1/BB- (obligor ratings B1/BB-/B+ (p/s/p)), USD850m 2-part via Citi (B&D on 2038 tap)/ENBD/HSBC (B&D on 7y Sukuk)/JPM as JGCs; Arqaam Capital as JBR. ENBD/HSBC as Joint Sukuk Structurers. Denomms: USD 200k x 1k. Governing Law: English Law. UOP: general budgetary purposes. Pricing 1/22. Settle 1/29.
- Benin Sukuk SA US$500m 144A/3c7/Reg S (Cat 2) 7y FXD Sukuk (Sukuk Al-Ijara) due 1/29/33. Obligor: The Republic of Benin, represented by the Ministry of Economy and Finance. Profit rate / coupon: Fixed, Semi-annual, 30/360. First Return Date: 7/29/26. Listing: International Securities Market of the London Stock Exchange. IPTs: 6.875% area. GUIDANCE: 6.375% area. UPDATE: yld set at 6.2%.
- The Republic of Benin, represented by the Ministry of Economy and Finance US$350m 144A/3c7/Reg S (Cat 1) tap of 7.96% 2/13/38 notes. Profit rate / coupon: 7.960%, Fixed, Semi-annual, 30/360. Listing: London Stock Exchange plc.
IPTs: 7.900% area. GUIDANCE: 7.50% area. UPDATE: yld set at 7.4%.
LAUNCHED: $500m 7y Sukuk at 6.20%. Book >$1.9bn, $350m 38s Tap at 7.40%. Book >$2.0bn. Total outstanding now $1.1bn.
PRICED:
$500m 6.20% 1/29/33 100.00 6.20%.
$350m tap of 7.96% 2/13/38 at 104.163, yld 7.40%.