Benin Considers Selling over $550 Million in Bonds

Benin is considering to sell euro-denominated bonds this year as the country seeks to benefit from strong demand for the continent’s high-yielding foreign-currency debt.

The $10-billion economy, which sold a debut offshore bond of $548 million in March last year, will probably sell a bigger amount of debt in an issuance that will probably take place in the second quarter.

The country is rated five notches below investment grade by Fitch Ratings and one step higher by S&P Global Inc.

The African Development Bank also forecasts that Benin’s economy will grow by 6.7% this year, the same as the estimate for 2019.

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However, the government is yet to make a final decision on a sale or on whether it will issue dollar-notes instead.

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