Gabon secures $920 million bond return with AFG Capital’s help

AFG Capital Ltd has announced the successful return of Gabon to the international bond markets, with the country securing $920 million in sovereign debt. The financial advisory firm served as the government’s exclusive financial advisor, playing a key role in structuring the landmark issuance.

The transaction, which attracted strong demand from institutional investors, highlights AFG Holding’s expertise, demonstrated through its AFG Capital subsidiary, in handling major sovereign financial operations across Africa. The deal was co-arranged by Cygnum Capital and Citigroup Global Markets, while White & Case provided legal counsel to the Gabonese state.

This issuance stands as one of the most significant sovereign bond transactions in Africa for 2026, reinforcing AFG Capital’s position as a leading partner for both public and private entities on the continent seeking high-stakes financial structuring. It also marks Gabon’s triumphant comeback to global financial markets after years of absence.

The Gabonese Ministry of Economy, Finance, Debt and State Holdings, responsible for tackling high living costs, confirmed the operation’s success in an official statement released on July 30. According to the announcement, the bond was heavily oversubscribed, allowing the government to exceed its initial target of $750 million and secure an additional $170 million.

This overwhelming investor confidence reflects renewed market trust in Gabon’s financial standing and its ongoing reform agenda under the 2026-2030 National Plan for Growth and Development (PNCD). The plan aims to restore macroeconomic stability and accelerate economic diversification.

The bond carries a 9.375% coupon, a seven-year maturity period, and a three-year grace period, pushing the final maturity to 2033. The proceeds will fund public investment projects and help settle some of the state’s outstanding arrears, in line with the 2026 revised budget law.

The government underscored the critical role of a global investor outreach campaign—commonly referred to as a roadshow—which was conducted ahead of the issuance. This initiative, spearheaded by President Brice Clotaire Oligui Nguema, played a decisive part in securing strong investor participation.

Gabon’s return to international markets follows similar moves by other Central African Economic and Monetary Community (CEMAC) member states this year. Cameroon raised $750 million in January, while the Republic of the Congo secured $850 million in May. Gabon becomes the third CEMAC country to tap international markets in 2026.

Meanwhile, Libreville continues technical discussions with the International Monetary Fund (IMF). An IMF review mission is scheduled to visit the capital in September, with the goal of finalizing an economic and financial program by year-end.