Benin Launches $500 Million Seven-Year International Sukuk
The Republic of Benin is making significant strides in international finance by launching a seven-year international sukuk worth $500 million. This issuance reflects the country’s commitment to diversifying its funding sources and enhancing its capital market presence.
Details of the Sukuk Issuance
The sukuk offering has garnered attention from various global financial institutions. A consortium consisting of prominent banks was involved in managing the bond issuance.
Key Financial Institutions Involved
- Citigroup
- Emirates NBD Capital
- HSBC
- JPMorgan
These banks not only served as joint lead managers but also coordinated various aspects of the sukuk offering.
Advisory Role
Rothschild & Co played a critical role as a financial adviser in this substantial financial transaction.
Significance of the Sukuk
This sukuk represents a vital step for Benin in establishing a foothold in the Islamic financing landscape. It aims to attract investment and improve the country’s financial infrastructure.
With a total value of $500 million over seven years, the sukuk will allow Benin to effectively manage its fiscal requirements while adhering to Islamic financing principles. This move is expected to open doors for future international financing opportunities and strengthen economic growth.
