Benin Returns to WAEMU Market With 100 Billion CFA Bond Issue
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Benin has returned to the West African Economic and Monetary Union (WAEMU) regional market with two new bond issues totalling 100 billion CFA francs ($176.7 million) to finance investment spending in its 2025 budget. The operation marks Cotonou’s first regional issuance in two years after it focused on external and concessional borrowing.
According to the Benin Treasury and WAEMU market notice, the offering comprises a seven-year bond, TPBJ 6% 2025–2032, targeting 70 billion CFA francs, and a ten-year bond, TPBJ 6.15% 2025–2035, seeking 30 billion CFA francs. Both instruments are issued at 10,000 CFA francs per unit, with a combined 10 million bonds on offer; annual coupons are 6% for the seven-year tranche and 6.15% for the ten-year. The subscription period runs from November 10 to 28, 2025, with provision for early closure if demand exceeds the target amounts.
Benin’s return follows a period of limited activity on both the syndicated and auction segments of the WAEMU market, during which it prioritised international placements and long-term concessional loans. Several other WAEMU member states sharply increased regional issuance in 2025 to compensate for tighter access to global markets, in contrast to Benin’s earlier stance.
Earlier in 2025, Benin raised more than $1 billion on international markets to help finance its budget and infrastructure, support economic modernisation and improve public services. The International Monetary Fund projects Benin’s economy will grow by 7% in 2025.
