Benin’s February 2024 debut dollar bond, US$750m, 14 years, 7.96% (the “Moringa”), oversubscribed >6x (US$5bn of demand) and then swapped to euro at an effective 6.4%, made the smallest-rated WAEMU issuer price inside Côte d’Ivoire’s curve and financed the 2024 budget. Two years later, in January 2026, Benin raised US$500m in its debut international sovereign sukuk, the first SSA sovereign sukuk since South Africa’s 2014 issue, with orders >US$3.9bn, and reopened its 2038 Eurobond for US$350m at 6.19%, for US$850m total.
Benin’s finance ministry (under Minister Romuald Wadagni) has become the region’s most inventive sovereign issuer.
Value: US$750m (2024), then US$850m including Africa’s first sovereign sukuk in a decade (2026) (verified against public announcements).
Advisers: issuing-house syndicates and counsel were not named in the ministry statement.
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
