Gabon secures $920 million bond success with AFG Capital’s guidance

AFG Capital Ltd has announced the successful return of Gabon to the international bond markets, following a landmark $920 million sovereign bond issuance. Acting as the state’s exclusive financial advisor, the company played a pivotal role in structuring this major transaction, which attracted overwhelming demand from institutional investors worldwide.

The operation, coordinated alongside Cygnum Capital and Citigroup Global Markets as lead arrangers, and White & Case as legal counsel, represents one of Africa’s most significant sovereign deals in 2026. It not only marks Gabon’s re-entry into global financial markets after years of absence but also underscores AFG Holding’s ambition to establish AFG Capital as a trusted partner for both public and private sector entities across Africa in high-value financial structuring.

The Gabonese Ministry of Economy, Finance, Debt Management and Public Participation confirmed the deal’s overwhelming oversubscription on July 30. Investor enthusiasm led authorities to increase the final issuance size to $920 million—well above the initial target of $750 million—adding an extra $170 million to the country’s financing capacity.

Government officials hailed the outcome as a vote of confidence in Gabon’s economic trajectory and structural reform agenda, particularly within the framework of the 2026–2030 National Growth and Development Plan (PNCD). The plan aims to restore macroeconomic stability and accelerate economic diversification by addressing fiscal imbalances and unlocking new growth sectors.

The 7-year bond, priced at a 9.375% coupon with a 3-year grace period culminating in a 2033 maturity, will finance critical public investment projects and help settle outstanding state arrears, in line with the 2026 revised budget law. Officials emphasized the critical role played by a series of global investor roadshows—orchestrated under the leadership of President Brice Clotaire Oligui Nguema—in generating strong market reception and securing broad-based demand.

Gabon’s return to the international capital markets comes amid a wave of similar sovereign issuances in the Central African Economic and Monetary Community (CEMAC) region. Cameroon launched a $750 million bond in January, followed by the Republic of the Congo’s $850 million offering in May. With this issuance, Gabon becomes the third CEMAC member state to tap international markets in 2026.

In parallel, Libreville is advancing technical discussions with the International Monetary Fund (IMF). An IMF review mission is scheduled to visit the capital in September, with negotiations underway toward a potential economic and financial program expected to be finalized before year-end.