Gabon secures $920m bond issue with AFG Capital’s guidance

Successful return to international bond markets

The Gabonese government has triumphantly re-entered the global bond markets, securing a $920 million sovereign bond issuance with the strategic support of AFG Capital Ltd, its exclusive financial advisor. This landmark transaction, oversubscribed by institutional investors, demonstrates the country’s renewed financial credibility and the effectiveness of its ongoing economic reforms.

Key players and transaction structure

The operation was meticulously structured with the collaboration of Cygnum Capital and Citigroup Global Markets as lead arrangers. White & Case provided critical legal guidance throughout the process. The bond issuance, with a 9.375% coupon, features a seven-year maturity and a three-year amortization deferral, pushing the final maturity date to 2033. Proceeds will fund priority public investment projects and settle part of the state’s outstanding arrears, in line with the 2026 supplementary budget law.

Record demand boosts financing

Initially targeting $750 million, the bond issuance attracted overwhelming demand, allowing Gabon to exceed its financing goal by $170 million. The Ministry of Economy, Finance, Debt Management and Fight Against Expensive Living Costs confirmed this achievement on July 30, highlighting the strong investor confidence in Gabon’s economic trajectory under the National Growth and Development Plan (PNCD) 2026-2030.

The success was attributed to an intensive international investor roadshow, personally led by President Brice Clotaire Oligui Nguema, which played a pivotal role in mobilizing institutional support.

Regional context and future prospects

Gabon’s return to the international markets follows similar operations by neighboring CEMAC countries this year. Cameroon raised $750 million in January, while the Republic of Congo secured $850 million in May. This positions Gabon as the third Central African nation to tap international markets in 2026.

Meanwhile, Libreville continues technical discussions with the International Monetary Fund (IMF). An IMF review mission is scheduled for September, paving the way for a potential economic and financial program by year-end.