Congo Completes $750m International Bond Issuance at 9.5%
The Republic of Congo has completed an international bond issuance in the amount of USD 700 million, bearing a coupon of 9.5% and maturing in January 2035.
According to an official statement, the outstanding principal will be repaid through a progressive amortization schedule in five equal annual installments beginning in January 2031.
The authority said this transaction marks the Republic of Congo’s first international public bond offering, confirming the country’s return to the international capital markets, following the successful private placements carried out in November and December 2025.
It reflects the renewed support and confidence of international investors in the Government’s economic and financial strategy, a transaction aligned with a prudent public debt management strategy.
Official statement indicates that this issuance forms part of an active public debt management operation aimed at strengthening the Republic of Congo’s debt profile.
The proceeds will be allocated to finance a partial tender offer for the international bond maturing in 2032, as well as to repay regional market debt lines maturing in March 2026.
The transaction will contribute to extending the average maturity of the public debt portfolio, reducing near-term refinancing needs, and improving the State’s overall funding costs.
Following the successful operations conducted in November and December 2025, this issuance represents a significant step up in scale.
The instrument matures in 2035, representing the longest tenor ever achieved by an international bond issued by Republic of Congo.
Furthermore, the yield on this issuance reflects a decrease by over 200 basis points compared to previous transactions, highlighting the gradual improvement in the country’s credit profile and the market’s recognition of the credibility of its macroeconomic trajectory.
The transaction benefited from strong investor engagement: more than 60 investors were met by Ministry officials during a dedicated roadshow, and the order book exceeded USD 2 billion, with demand from over 100 investors, enabling a tightening of the yield by 37.5 basis points during the pricing process.
The issuance also significantly diversified the investor base, attracting new participants from a broad range of geographies and further strengthening the international positioning of the transaction.
Christian Yoka, Minister of Finance, Budget and Public Portfolio, stated: “This transaction marks Republic of Congo’s transition to a new phase in its financing strategy.
“The strong interest demonstrated by a diversified base of international investors constitutes a renewed vote of confidence, confirming the relevance of a policy grounded in discipline, credibility, and transparency.”
The issuance, carried out under Regulation S, has been admitted to listing on the main market of the London Stock Exchange under English law and was led by Citigroup as sole bookrunner. The bonds are rated CCC+ by Fitch and S&P, respectively CBN Approves $150k Weekly FX Sales to Licensed BDC
