• Republic of Congo raises $670M through Eurobond issue after 20-year absence

• Proceeds to refinance short-term debt; 2032 bond priced at 9.875%

• Debt ratio falling as reforms, transparency boost investor confidence

The Republic of Congo has raised $670 million on international financial markets, marking its return to the global bond scene after nearly twenty years of absence.

The Eurobond was issued with a coupon of 9.875% and matures in November 2032. Citigroup Inc. acted as the lead manager for the transaction, which was listed on the London Stock Exchange’s main market.

According to a statement from the Finance Ministry, the repayment will be made in five equal installments between 2028 and 2032, framed as an active public debt management operation. The funds raised will be used to refinance a portion of the domestic debt maturing between November 2025 and February 2026. The government stated the goal is to lengthen the average maturity of public debt and reduce short-term refinancing pressures.

"This operation illustrates a new momentum for Congo: that of a country combining fiscal discipline, exemplary governance, and ambition," said Christian Yoka, Minister of Finance, Budget, and Public Portfolio. "The success of this issuance demonstrates the confidence of international investors and confirms the credibility of our economic policy."

The Congolese bonds are rated CCC+ by both Fitch and S&P. This rating reflects continued investor caution toward an issuer whose fiscal profile has nonetheless improved in recent years due to sustained reforms.

Congo, whose debt was restructured in 2020, has committed to quarterly publication of public debt statistics and enhanced dialogue with investors, in line with new transparency clauses integrated into the issuance.

This return to the market comes as the country's real GDP grew by 2.6% in 2024 and is projected to accelerate to 3.7% in 2025, according to the International Monetary Fund (IMF). The public debt-to-GDP ratio, while still high, declined to 93.5% in 2024, down from over 96% in 2023. It is forecast to fall further to 63% of GDP by 2029 if fiscal and budgetary reforms are maintained. As of the end of March 2025, total public debt showed a 4.7% year-on-year reduction, driven by a 9.5% drop in external debt.

Fiacre E. Kakpo