Benin has launched two new bond issues on the regional WAEMU financial market, seeking to raise 100 billion CFA francs ($176.7 million) to finance investment spending under its 2025 budget.
The operation comprises a seven-year bond, TPBJ 6% 2025-2032, aimed at raising 70 billion CFA francs, and a ten-year bond, TPBJ 6.15% 2025-2035, targeting 30 billion CFA francs. Both instruments are offered at an issue price of 10,000 CFA francs per unit, totaling 10 million bonds across the two maturities. Annual coupons are set at 6% for the seven-year tranche and 6.15% for the ten-year. The subscription period runs from November 10 to 28, 2025, with early closure possible if demand exceeds the target amounts.
The Beninese government is returning to the regional market after a two-year absence, particularly from the syndicated issuance window, which it had not tapped for some time. The country has also been relatively inactive in the auction market, after prioritizing international borrowing and long-term concessional financing in recent years. This stance contrasts with several other WAEMU member states that have sharply increased their bond issuance in 2025, reaching record volumes.
Earlier this year, Cotonou raised more than $1 billion on international markets to help finance its budget as the government accelerates its program of infrastructure development, economic modernization, and improvements in public services. The International Monetary Fund (IMF) expects Benin’s economy to grow by 7% this year.
Fiacre E. Kakpo
Read More: 09/09/2025- How Benin, a Small West African Nation, Became a Darling of Regional Debt Markets
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