• Congo completes $354 million buyback of 2032 bond

• Outstanding 2032 notes reduced to $575 million

• Follows $700 million 2035 bond sale in February

The Republic of Congo said on Tuesday it had completed a $354 million buyback of its 2032 international bond, part of efforts to improve its debt profile, according to a Finance Ministry statement.

The transaction reduced the outstanding amount of the 2032 bond to $575 million from $930 million. The bond had been issued in two tranches in November and December 2025, marking the country’s first return to international debt markets in nearly 20 years.

Finance, Budget and Public Portfolio Minister Christian Yoka said the buyback underscores the government’s prudent financing strategy and supports debt sustainability over the medium to long term. The move is expected to cut principal repayments due between 2026 and 2030 by $214 million, the ministry said.

The Finance Ministry added that the transaction drew strong demand from a broad base of international investors, several of whom also took part in the purchase of a new international bond issued by the country.

Gradual return to markets

The buyback follows a fresh international bond sale. On Feb. 11, Congo raised $700 million through a bond maturing in January 2035, with a 9.5% coupon, its longest maturity to date on international markets. Amortisation will begin in 2031, with annual principal repayments thereafter.

Authorities said the order book exceeded $2 billion and attracted more than 100 investors. The final yield was tightened by more than 200 basis points from initial price guidance.

The government had previously said the proceeds would be used mainly to finance the partial buyback of the 2032 bond and to repay regional market debt maturing in March 2026, easing short-term refinancing pressures and extending the average maturity of its debt portfolio.

Congo first raised $670 million in November 2025 through a 2032 eurobond, before reopening the issue for about $260 million, bringing the total to $930 million through private placements. The February transaction marks its first public international bond offering following those placements and confirms its gradual re-entry into global markets after nearly two decades.

Rated CCC+ by Fitch and S&P, Congo remains vulnerable to oil price swings, which account for most of its export revenue. The refinancing drive comes ahead of a presidential election scheduled for March 15, 2026, at a time of heightened investor scrutiny.

Fiacre E. Kakpo