Gabon’s triumphant re-entry into the international bond markets has been sealed with a $920 million sovereign bond issuance, expertly guided by AFG Capital Ltd as the government’s exclusive financial advisor. This landmark transaction, oversubscribed by institutional investors, underscores AFG Capital’s growing influence in structuring high-stakes sovereign deals across Africa.

The operation was co-arranged by Cygnum Capital and Citigroup Global Markets, with White & Case serving as legal counsel for the Gabonese state. This collaborative effort not only facilitated the bond’s issuance but also demonstrated the country’s renewed credibility in global financial circles.

Announced on July 30 by the Ministry of Economy, Finance, Debt and State Participation, the bond exceeded initial expectations. Originally targeting $750 million, the strong investor appetite pushed the final amount to $920 million—an impressive $170 million boost. This milestone marks Gabon’s first international bond issuance in years, signaling renewed market confidence in the nation’s economic trajectory.

The 7-year bond, priced at a 9.375% coupon with a 3-year amortization deferral, matures in 2033. Proceeds will fund critical public investment projects and help settle outstanding state arrears, aligning with the 2026 Finance Law adjustments. A well-received roadshow led by President Brice Clotaire Oligui Nguema played a pivotal role in generating investor interest.

Gabon joins regional peers in international bond issuances

Gabon’s bond issuance follows similar moves by other Central African Economic and Monetary Community (CEMAC) countries in 2026. Cameroon raised $750 million in January, while the Republic of Congo secured $850 million in May. This positions Gabon as the third CEMAC member to tap international markets this year, reflecting a broader trend of regional financial engagement.

Path ahead: IMF engagement and economic reforms

The Gabonese government is also advancing discussions with the International Monetary Fund (IMF). A review mission is scheduled for September, with talks underway for a potential economic and financial program by year-end. This aligns with the objectives of the National Growth and Development Plan (PNCD) 2026-2030, which aims to restore macroeconomic stability and accelerate economic diversification.

The bond issuance and ongoing reforms reflect Gabon’s commitment to restoring fiscal health and attracting global investor confidence. With AFG Capital at the helm, Libreville has reaffirmed its place in the international financial landscape.