AFG Capital Ltd has hailed Gabon’s triumphant return to international bond markets, following its exclusive role as financial advisor in structuring a $920 million sovereign bond issuance.

The landmark transaction, which drew overwhelming demand from institutional investors, underscores AFG Holding’s—through its AFG Capital subsidiary—proven expertise in executing major sovereign financial deals across Africa.

Joining AFG Capital in orchestrating this operation were Cygnum Capital and Citigroup Global Markets as lead arrangers, alongside White & Case as legal counsel for the Gabonese government.

With this deal, one of the continent’s most significant sovereign bond issuances of 2026, AFG Capital cements its reputation as a go-to partner for public and private entities seeking high-impact financial structuring across Africa. It also marks Gabon’s much-anticipated comeback to global financial markets after years out of the spotlight.

Record demand drives oversubscription

The Ministry of Economy, Finance, Debt Management and Public Participation—tasked with tackling high living costs—formally announced the transaction’s success on July 30. The issuance was significantly oversubscribed, enabling Gabon to exceed its initial target of $750 million, raising an additional $170 million for a total of $920 million.

Government officials interpret the strong investor appetite as a vote of confidence in Gabon’s economic reform agenda and the credibility of its National Development Plan (PNCD) 2026–2030. The plan focuses on restoring macroeconomic stability and accelerating economic diversification.

Key terms and allocation of funds

The seven-year bond carries a 9.375% coupon, features a three-year grace period, and matures in 2033. Proceeds will finance priority public investment projects and help settle part of the state’s arrears, in line with the 2026 revised budget law.

The government highlighted the pivotal role of a global investor roadshow, personally driven by President Brice Clotaire Oligui Nguema, in securing the strong market response.

Gabon joins regional peers

Gabon’s return comes amid a flurry of similar sovereign bond issuances in the Central African Economic and Monetary Community (CEMAC) this year. Cameroon raised $750 million in January, followed by the Republic of the Congo’s $850 million in May. Gabon now stands as the third CEMAC country to tap international markets in 2026.

The government is also advancing talks with the International Monetary Fund (IMF), with a review mission scheduled to visit Libreville in September as part of efforts to finalize an economic and financial program by year-end.