Gabon secures $920m bond return with AFG Capital’s guidance

AFG Capital Ltd has proudly announced its pivotal role in facilitating Gabon’s triumphant re-entry into global bond markets. As the Republic’s exclusive financial advisor, the firm spearheaded the structuring of a landmark $920 million sovereign bond issuance.

This landmark transaction drew overwhelming demand from institutional investors, underscoring AFG Holding’s—through its subsidiary AFG Capital—proven expertise in orchestrating high-profile sovereign deals across Africa. The operation’s execution involved key partners Cygnum Capital and Citigroup Global Markets as lead arrangers, with White & Case serving as legal counsel to the Gabonese government.

The sovereign bond issuance, recognized as one of Africa’s most significant fiscal maneuvers in 2026, reinforces AFG Capital’s ambition to emerge as the go-to financial partner for African governments and private entities pursuing complex capital market transactions. It also signifies Gabon’s resounding comeback to international financial arenas after a prolonged absence.

The Ministry of Economy, Finance, Debt Management and State Participation—tasked with combating rising living costs—formally confirmed the transaction’s success on July 30. Official records reveal the bond was heavily oversubscribed, enabling Gabon to exceed its initial $750 million target by $170 million.

Government officials interpret this overwhelming investor response as a vote of confidence in Gabon’s economic resilience and the progress of structural reforms outlined in the 2026-2030 National Growth and Development Plan (PNCD). The plan prioritizes macroeconomic stabilization and economic diversification to foster long-term prosperity.

The bond carries a 9.375% coupon, a seven-year maturity, and a three-year amortization grace period, extending the final maturity to 2033. Proceeds will fund critical public infrastructure projects and settle portions of the state’s accumulated arrears, in line with the revised 2026 finance law.

Officials credit the roadshow—a series of investor presentations led by President Brice Clotaire Oligui Nguema—as a cornerstone of the deal’s success. This proactive outreach highlighted Gabon’s economic prospects and fiscal discipline to global institutional investors.

The recent bond issuance aligns with broader regional momentum in Central Africa. Neighboring countries like Cameroon and the Republic of Congo have also tapped international markets in 2026, raising $750 million and $850 million respectively. Gabon now stands as the third CEMAC nation to re-engage with global creditors this year.

In parallel, Gabon continues advanced talks with the International Monetary Fund (IMF). A review mission is scheduled to visit Libreville in September, paving the way for a potential comprehensive economic and financial program by year’s end.