• Congo raises $700 million in 2035 bond issue

• Proceeds to refinance 2032 Eurobond, ease near-term pressures

• Order book topped $2 billion, over 100 investors

The Republic of Congo raised $700 million through a new bond issue, the government said on Wednesday, February 11, 2026, as it continues its return to international capital markets after its first issuance in nearly two decades.

The bond carries a 9.5% coupon and matures in January 2035, according to a Finance Ministry statement. It is the longest tenor Congo has secured on international markets. Principal repayments will begin in 2031 in annual installments.

This follows other recent transactions. In November 2025, Brazzaville raised $670 million through a Eurobond due in 2032. A month later, it reopened the issue to raise about $260 million more. However, this is Congo’s first public international offering after private placements conducted in November and December 2025.

Debt Management Strategy

Authorities said the proceeds will be used mainly to buy back part of the 2032 Eurobond and repay debt raised on the regional market maturing in March 2026. The aim is to ease near-term refinancing pressures and lengthen the average maturity of public debt.

The order book exceeded $2 billion, attracting more than 100 investors, the government said. The final yield was more than 200 basis points lower than in previous operations.

Congo remains in the speculative category, with a CCC+ rating from Fitch and S&P, reflecting elevated credit risk and continued dependence on oil revenues. The issuance comes ahead of the presidential election scheduled for March 15, 2026. Investors and external partners are closely monitoring economic and financial developments in the run-up to the vote.

Fiacre E. Kakpo