• The cabinet has approved preparations for a debut USD 1.5B Eurobond before June 2026 to fund key infrastructure projects.
• Investors await details on timing and arrangers. Citi and Standard Bank could be leading contenders for the issuance.
• While the bond’s coupon will be key, successful issuance may boost the DRC’s market credibility.

Fueled by one of the strongest macroeconomic performances over the last decade, the Democratic Republic of Congo (DRC) has authorized a process that could lead to the issuance of its first-ever sovereign Eurobond. On 22 August 2025 Finance Minister Doudou Fwamba Likunde, secured cabinet approval to prepare this benchmark operation, with a target launch before 30 June 2026, aiming to raise USD 1.5 billion for “critical infrastructure and national connectivity projects”.

The Ministry of Finance has yet to release a detailed timetable, leaving uncertainty about whether the transaction will occur before the end of 2025. Notably, this move to international capital markets was not included in the DRC’s 2025 budget law, its June rectification, or the latest IMF Extended Credit Facility report, indicating a strategic pivot to diversify funding sources. Investors are now awaiting details on the international banks that will orchestrate this high-profile deal, as global financial institutions with expertise in emerging market debt typically manage such operations.

Citi, which topped Reuters’ league tables for sub-Saharan debt arranging in the first half of 2025, is a possible strong contender to lead the issuance. With a subsidiary in the DRC and US ongoing push to foster peace in the eastern region, Citi The US financial group’s regional expertise and established presence make it well-positioned to navigate the complexities of the DRC’s debut on the Eurobond market. Similarly, South Africa’s Standard Bank, a top-ten regional arranger with a Kinshasa branch, could also play a role, leveraging its local and African market experience.

The coupon rate for the DRC’s borrowing remains a key variable. Investors are likely to benchmark it against corporate bonds in the DRC, such as Ivanhoe Mines’ USD 750 million, five-year bond issued in late January 2025 at a 7.87% annual coupon. Sub-Saharan Africa sovereign issuers typically secure higher rates. The DRC’s security challenges and fiscal uncertainties may push the risk premium to top levels.

However, a successful Eurobond would enhance the DRC’s financial credibility, expanding its access to global capital beyond traditional IMF and World Bank support. However, an overly costly issuance could strain the national budget for years, especially given ongoing security and social pressures. The DRC’s move follows a wave of sub-Saharan African (SSA) sovereign issuances in 2025, including the Ivory Coast (USD 1.8 billion), Benin (USD 0.5 billion), and Kenya (USD 1.5 billion), marking the region’s busiest year for such activity since 2019. Ghana, meanwhile, executed a USD 3.0 billion bond buy-back and swap rather than a new issue.

Idriss Linge