International markets react as President Patrice Talon confirms military officers attempted to seize power on Sunday.
Benin’s international bonds weakened on Monday as investors reacted to news of an attempted coup against President Patrice Talon over the weekend.
According to market data from Tradeweb, the country’s dollar-denominated Eurobonds slipped by around 1.5 cents, with the 2052 maturity falling as much as 1.8 cents to trade at 88.04 cents on the euro.
Reuters also reported that Benin’s longer-tenor bonds, initially the hardest hit later recovered some ground, with securities maturing from 2038 onwards closing just over one cent lower.
President Talon announced on Sunday that security forces had successfully foiled a coup plot led by a group of soldiers, marking the latest challenge to democratic governance in West Africa. The region has seen multiple military takeovers in recent years across Niger, Burkina Faso, Mali, Guinea, and Guinea-Bissau.
Regional Response
Nigeria deployed air force fighter jets in support of the Beninese government, while the Economic Community of West African States (ECOWAS) said it had ordered the immediate deployment of its standby force to help stabilize the situation. Troops from Nigeria, Sierra Leone, Ivory Coast, and Ghana are expected to participate.
ECOWAS condemned the coup attempt, urging full respect for Benin’s constitution and praising the swift action taken by the government and the Republican Army to restore order.
