Benin’s $500m Bond Marks Africa’s First Debt Sale This Year
- Initial pricing target had set yields at around the 9% level
- Order book for the new eurobond totaled $3.5 billion
The timing of the sale coincides with an increase in global yields since December.
Photographer: Scott Eells/BloombergThis article is for subscribers only.
Benin launched a dollar-bond offering, becoming the first sovereign issuance out of Africa this year.
Demand for the bond was $3.5 billion, seven times the amount sought, the government said late Thursday.