Commentary & Deal Flow

The Republic of Benin, rated BB- (positive) and B+ (stable) by S&P and Fitch, has mandated Citi, J.P. Morgan and Societe Generale as Joint Bookrunners to arrange a series of fixed income investor meetings and calls commencing 8 January 2025.

A Rule 144A/Regulation S USD benchmark offering with an expected 15-year average life (16-year final maturity), will follow subject to market conditions

In conjunction, the Republic of Benin has also announced a EUR 250m capped tender offer of its outstanding 4.875% Euro denominated Bonds due 2032.

The Tender Offer is expected to be financed through a loan between the Republic of Benin and a commercial bank but is not conditional upon the extension of the loan or the successful closing of the New Notes Offering.

Target Market: Eligible counterparties and professional clients only (all distribution channels).