The Democratic Republic of Congo has completed a historic 1.25 billion dollar debut eurobond issuance — the first time the country has accessed global capital markets in a currency other than its own — in a transaction that signals growing international confidence in the Central African nation despite ongoing armed conflict in its eastern provinces.
The bond, structured in two tranches and expected to be listed on the London Stock Exchange, was more than four times oversubscribed, with orders exceeding 5.2 billion dollars from over 110 investors globally.
A Landmark Transaction
The 5-year tranche carries a yield of 8.75 percent and matures in 2032, while the 10-year tranche yields 9.5 percent and matures in 2037. It marks the first debut eurobond by any African country since 2019.
DRC Minister of Finance Doudou Likunde hailed the issuance as a decisive step in the country national financing strategy. While concessional financing remains central, we are diversifying our funding sources. The proceeds will be allocated to priority investments in infrastructure, energy and social development.
Likunde added that the oversubscription reflected growing investor confidence and the progress made in stabilising the economy, strengthening governance, and implementing disciplined fiscal policies.
Underlying IMF Programme
The eurobond launch comes as the DRC navigates a 2.76 billion dollar International Monetary Fund programme — a 38-month financing arrangement approved in January 2025. A second review was completed in December 2025, allowing for a 442 million dollar disbursement. The IMF currently forecasts DRC economic growth of 5.3 percent this year.
In January, ratings agency S and P Global revised its outlook on DRC to positive from stable, affirming B-minus/B foreign and local currency sovereign credit ratings.
Significance for the Region
Mustafa Rawji, chief executive of DRC-based Rawbank — one of the joint global coordinators alongside Citigroup, with Standard Chartered as joint bookrunner — said the issuance was a milestone. What matters most is the signal this sends: fundamentals are improving, economic visibility is strengthening, and investors are responding.
Analysts note the success of DRC debut issuance could open doors for other frontier market economies on the continent seeking to diversify funding sources beyond traditional multilateral lenders.