Africans follow contrasting paths

摘要

African minnow benin took the difficult road for its bond market debut on Tuesday, as the little-known issuer fought for attention alongside an index-eligible US$3bn three-part trade from its bigger near-neighbour GHANA. Benin had an uphill fight to sell a €500m 5.75% March 2026 amortising note issue with a six-year weighted average life thanks to investors' lack of familiarity with the name, a credit story that divided investors, and the unconventional choice of euros.