• Reopens November 2025 eurobond to raise an additional $260 million

• Original bond carries a 9.875% coupon and matures in November 2032

• Proceeds to refinance domestic debt due in early 2026

One month after its return to international financial markets, Congo has moved again to raise external funding. Authorities announced on Tuesday, December 16, 2025, the reopening of the sovereign bond issued in November 2025, for an additional $260 million. The move signals the government’s intention to anchor its financing strategy in external markets, despite a credit profile still viewed as fragile.

Led by Citigroup, the operation concerns the international bond launched in November, which allowed the country to raise $670 million, its first such issuance in nearly twenty years. The bond carries a 9.875% coupon and matures in November 2032, with principal repayment scheduled in five equal annual installments starting in 2028. The reopening raises additional funds on the existing instrument, with the new securities placed at market price to build on investor interest from the initial issuance, improve liquidity, and limit transaction costs.

However, on the secondary market, the 2032 Congolese eurobond, traded on European platforms such as GETTEX, is priced at around 89% of face value. This discount reflects investor caution and implies a yield well above the 9.875% coupon, mechanically increasing the cost of the reopening carried out at market price.

A credibility test for Brazzaville

In November, the initial issuance was widely seen as a real test of Congo’s return to the markets after years of debt restructuring and talks with creditors, against a backdrop of continued reliance on oil revenues. Despite speculative ratings of CCC+ from Fitch and Standard & Poor’s, the deal was taken up, supported by global investors’ search for yield in an environment still marked by high interest rates.

The reopening announced this week extends that momentum. According to the government, it reflects “renewed international interest” in the Congolese credit. Authorities see it as a signal of confidence in the country’s economic path, as it works to stabilize public finances and smooth its debt repayment profile.

Refinancing domestic debt, easing cash pressures

Funds raised through the reopening will mainly be used to refinance part of domestic market debt maturing between January and February 2026. This is a key issue for Brazzaville, which faces high cash needs and operates in a shallow subregional domestic market within CEMAC.

“This reopening reflects the discipline and agility guiding our public debt management strategy,” Finance Minister Christian Yoka said, stressing the government’s aim to optimize the repayment schedule and preserve liquidity in the regional financial system.

Fiacre E. Kakpo