DAKAR - Benin issued $500 million ‍in seven-year ‍Islamic bonds or sukuks, ​the West African nation's government said in ⁠a statement on Thursday.

The sukuk carries ⁠a 4.92% ‌coupon after a full dollar–euro hedge, it said.

The West African ⁠nation said it also reopened its 2038 Eurobond for an additional $350 million equivalent at ⁠a 6.19% coupon, also fully ​hedged.

It added that both operations drew exceptionally ‍strong demand, supported by a multiyear marketing ​effort in the Gulf, Europe, Asia and the United States, with combined orders exceeding $7 billion — more than eight times the issue size.

Benin said the transactions will help cover a significant share of funding needs under ⁠the 2026 budget ‌while improving the maturity profile of public debt.

(Reporting by Ayen ‌Deng Bior ⁠in Dakar; Editing by Bate Felix, Chris ⁠Reese and Matthew Lewis)