• Gabon raises CFA 106.5 billion in oversubscribed bond issuance
• Two tranches fund infrastructure, health, education, housing projects
• Strong regional demand boosts confidence despite rising public debt

Gabon has successfully completed its EOG 2025 Multi-Tranche 2 bond issuance, according to a closing report released on December 19, 2025.

Launched in September with an initial target of 50 billion CFA francs ($82.2 million), the issuance ultimately raised 106.5 billion CFA francs, equivalent to more than $190 million, representing a subscription rate of 212.96%.

The bond was structured into two tranches to broaden investor appeal. The two-year tranche, offering a 5.60% yield, attracted the bulk of demand, raising over 85 billion CFA francs. The three-year tranche, with a 6.00% coupon, generated approximately 21 billion CFA francs.

Proceeds will be allocated to priority structural projects identified by the government, notably in road and airport infrastructure, healthcare, education, and housing. Authorities say the objective is to sustainably improve living standards and accelerate the long-term transformation of the economy, reducing reliance on natural resource revenues.

Arranged by Emrald Securities Services Bourse (ESS Bourse) and CCA Bourse, the transaction drew strong participation from regional investors. Cameroon emerged as the largest contributor, providing 74.6 billion CFA francs, or 70.07% of total subscriptions. Gabon followed with 30.3 billion CFA francs, representing 28.46%, while Congo and Ivory Coast accounted for 0.28% and 1.18%, respectively.

The closing report flagged operational delays, including slower processing of some cross-border transfers and temporary liquidity constraints among a small number of subscribers. These issues were deemed marginal relative to the overall success of the transaction.

The outcome underscores renewed investor confidence in Gabon’s sovereign credit profile, following a period of political stabilization. It stands in contrast to several bond issues in 2024, which suffered from weak demand and repeated deadline extensions.

However, the successful fundraising also adds to Gabon’s rising public debt burden. Data from the General Directorate of Debt (DGD) show that outstanding public debt increased from 7,133 billion CFA francs to 8,606.6 billion CFA francs—around $15.37 billion—over the first ten months of 2025, a 20.6% increase in less than a year.

Sandrine Gaingne