Commentary & Deal Flow

The Republic of Benin (BENIN), exp BB-/B+ (p/s) by S&P and Fitch, US$500m 144A/Reg S 16y amortizing sr notes due 1/23/41. 15y average life. Citi (B&D)/JPM/SG as Joint Bookrunners. UOP:  general budgetary purposes in accordance with the Issuer's finance laws. Pricing 1/16. Settle 1/23.

IPTs: 9.25-9.375%.

GUIDANCE: 8.75-8.875%.

LAUNCHED: $500m 16y at 8.625%.

PRICED: $500m 8.375% 1/23/41 97.920 8.625%.

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.