A landmark sovereign bond issuance has placed Gabon back on the global financial map, with AFG Capital Ltd playing a pivotal advisory role. The exclusive financial advisor to the Gabonese state structured a $920 million international bond, marking one of the continent’s most significant sovereign deals in recent years.
The transaction, which attracted overwhelming demand from institutional investors, underscores AFG Holding’s growing influence in African financial markets through its specialized subsidiary, AFG Capital. The deal was co-arranged by Cygnum Capital and Citigroup Global Markets, while White & Case provided critical legal counsel to the Gabonese government.
This achievement is not merely a financial milestone but a strategic step in Gabon’s broader economic revival. The funds raised will support public investment projects and help settle outstanding state arrears, aligning with the objectives outlined in the 2026-2030 National Growth and Development Plan (PNGCD). The plan emphasizes restoring macroeconomic stability and accelerating economic diversification, signaling a renewed commitment to sustainable growth.
On 30 July, the Ministry of Economy, Finance, Debt Management, and Price Monitoring officially confirmed the bond’s oversubscription. The final amount raised exceeded initial projections by $170 million, pushing the total issuance to $920 million—up from the targeted $750 million. This strong investor appetite reflects renewed confidence in Gabon’s economic trajectory and its reform agenda.
The bond carries a 9.375% coupon, a seven-year maturity, and a three-year grace period, pushing the final maturity date to 2033. The proceeds are earmarked for critical public projects and debt settlement, in line with the revised 2026 finance law.
The success of the issuance was further bolstered by an intensive road show targeting international institutional investors, a campaign personally championed by President Brice Clotaire Oligui Nguema. This proactive engagement played a decisive role in securing robust investor participation.
Gabon’s return to the international bond market follows similar moves by neighboring CEMAC states. Cameroon raised $750 million in January, while the Republic of the Congo secured $850 million in May. With this issuance, Gabon joins its regional peers as the third Central African nation to tap global markets in 2026.
Looking ahead, Libreville is advancing discussions with the International Monetary Fund (IMF). An IMF review mission is scheduled for September, with negotiations underway for a potential economic and financial program before year-end.