The Democratic Republic of Congo has raised 1.25 billion dollars in its debut eurobond issue, the first time the country has accessed global capital markets in a currency other than its own, and the first eurobond debut by any African country since 2019. The transaction, structured in two tranches with a 5-year portion maturing in 2032 and a 10-year portion maturing in 2037, was oversubscribed by more than four times, with orders exceeding 5.2 billion dollars from over 110 investors globally.
Finance Minister Doudou Likunde hailed the issuance as a vote of confidence in the country’s economic direction, even as it navigates a 2.76 billion dollar IMF program. Proceeds will be allocated to priority investments in infrastructure, energy, and social development. Our ambition is to become a regular sovereign issuer. This transaction lays the foundation for the country’s continued access to international financial markets.
The timing reflects a broader thaw in appetite for African sovereign debt. After years of high borrowing costs and investor caution following the COVID-19 pandemic and successive debt crises, some countries are finding conditions more favorable for market access. Congo’s successful launch at yields of 8.75 percent and 9.5 percent suggests that investors are once again willing to price risk and return for African issuers.
The transaction was structured by joint global coordinators Rawbank and Citigroup, with Standard Chartered Bank also joining as joint bookrunner. Mustafa Rawji of Rawbank described the moment as decisive. What matters most is the signal this sends: fundamentals are improving, economic visibility is strengthening, and investors are responding.
The DRC entered a 38-month IMF financing arrangement in January 2025. A second review completed in December allowed for a disbursement of 442 million dollars. S&P Global revised its outlook on the DRC to positive from stable in January, citing expected progress on tax administration and fiscal outcomes.
The eurobond’s reception suggests that investors are willing to look past immediate instability in exchange for long-term engagement with a country that holds enormous natural resources and a large, young population.