AFG Capital Ltd has proudly announced its role in facilitating Gabon’s successful return to the international bond markets. Acting as the state’s exclusive financial advisor, the firm played a key part in structuring a landmark $920 million sovereign bond issuance.
The bond issuance drew overwhelming demand from institutional investors, underscoring AFG Holding’s—through its AFG Capital subsidiary—expertise in managing high-profile sovereign transactions across Africa. The deal was co-arranged by Cygnum Capital and Citigroup Global Markets, with White & Case serving as legal counsel to the Gabonese government.
This transaction stands as one of the most significant sovereign deals in Africa for 2026, reinforcing AFG Capital’s ambition to become a leading partner for both public and private African entities in executing large-scale financial operations. It also signals Gabon’s re-entry into the global financial arena after a prolonged absence.
Gabon’s Ministry of Economy, Finance, Debt Management, and State Participations—also overseeing efforts against rising living costs—confirmed the bond’s success on July 30th through an official statement.
According to the announcement, the issuance was significantly oversubscribed, enabling the government to exceed its initial target of $750 million. The final amount raised reached $920 million, exceeding expectations by $170 million.
The government views this strong investor confidence as a vote of trust in Gabon’s economic recovery and the reforms outlined in the 2026-2030 National Growth and Development Plan (PNCD). The plan 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, pushing the final maturity date to 2033. Funds raised will support public investment projects and help settle outstanding state arrears, in line with the revised 2026 budget law.
The government highlighted the critical role of the road-show conducted with international institutional investors prior to the launch. The effort, spearheaded by President Brice Clotaire Oligui Nguema, was pivotal in securing strong demand for the issuance.
Gabon’s return to global markets coincides with similar moves by other Central African Economic and Monetary Community (CEMAC) countries earlier this year. Cameroon raised $750 million in January, followed by the Republic of the Congo with an $850 million issuance in May. Gabon now becomes the third CEMAC member to tap international markets in 2026.
Meanwhile, Libreville continues technical discussions with the International Monetary Fund (IMF). An IMF review mission is expected in the capital in September, with the potential for a new economic and financial program to be finalized by year-end.
