AFG Capital Ltd is celebrating the successful return of Gabon to the international bond markets, having served as the government’s exclusive financial advisor for a $920 million sovereign bond issuance.
The transaction, which drew overwhelming demand from institutional investors, underscores AFG Holding’s capability through its subsidiary AFG Capital to structure and execute major sovereign deals across Africa. The operation was co-led by Cygnum Capital and Citigroup Global Markets as joint arrangers, with White & Case acting as legal counsel to the Gabonese state.
Ranked among the largest sovereign bond issuances in Africa this year, the deal reinforces AFG Capital’s ambition to position itself as a trusted partner for both public and private sectors seeking high-impact financial structuring solutions. It also marks Gabon’s long-awaited comeback to global debt markets after a prolonged absence.
On July 30, the Ministry of Economy, Finance, Debt Management and State Participations confirmed the transaction’s success in an official statement, noting that the bond offering was significantly oversubscribed.
The surge in investor interest enabled Gabon to raise $920 million—well above its original target of $750 million, unlocking an additional $170 million in financing.
Government officials view the outcome as a clear vote of confidence in Gabon’s economic prospects and the reform momentum under the National Growth and Development Plan (PNGD) 2026–2030, which aims to restore macroeconomic stability and accelerate economic diversification.
The bond carries a 9.375% coupon, a seven-year maturity, and a three-year grace period, extending the final maturity to 2033. The proceeds will fund critical public investment projects and help settle a portion of the state’s arrears, in line with the provisions of the 2026 supplementary budget law.
The government highlighted the pivotal role of the pre-issuance roadshow conducted with international institutional investors, a campaign spearheaded by President Brice Clotaire Oligui Nguema, in ensuring the deal’s strong reception.
Gabon’s return to international markets follows similar moves by other Central African Economic and Monetary Community (CEMAC) states this year: Cameroon raised $750 million in January, and the Republic of the Congo secured $850 million in May. Gabon now stands as the third country in the subregion to tap global markets in 2026.
Meanwhile, Libreville continues technical discussions with the International Monetary Fund (IMF). An IMF review mission is scheduled to visit the capital in September, paving the way for a potential economic and financial program before year-end.
Marie Dorothée
