afg capital leads Gabon’s successful return to global bond markets

AFG Capital Ltd has announced its pivotal role in Gabon’s triumphant re-entry into the international bond markets. As the government’s exclusive financial advisor, the firm structured a landmark sovereign bond issuance totaling $920 million, a transaction that drew overwhelming institutional investor demand.

The operation underscores AFG Holding’s—through its specialized subsidiary AFG Capital—capacity to design and execute major sovereign financial transactions across Africa. The transaction syndicate included Cygnum Capital and Citigroup Global Markets as lead arrangers, while White & Case served as legal counsel to the Gabonese government.

This issuance, one of the most significant sovereign bond deals in Africa for 2026, reinforces AFG Capital’s position as a trusted partner for both public and private African entities in executing high-impact financial structures. It also marks Gabon’s long-awaited return to the global financial stage after years of absence.

On July 30, Gabon’s Ministry of Economy, Finance, Debt Management, and State Participation, responsible for addressing cost-of-living challenges, officially confirmed the transaction’s success.

The bond issuance was oversubscribed by a substantial margin. This exceptional demand enabled the Gabonese government to exceed its initial $750 million target, ultimately raising $920 million—an additional $170 million above expectations.

Government officials interpret this strong market response as a sign of renewed confidence in Gabon’s economic outlook and the credibility of reforms outlined in the National Plan for Growth and Development (PNCD) 2026–2030. This strategic framework 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, extending the final maturity to 2033. According to the government statement, the proceeds will fund critical public investment projects and help settle outstanding state arrears, in line with the revised 2026 budget law.

The success was attributed in part to an intensive global investor roadshow conducted ahead of the issuance. This outreach effort, spearheaded by President Brice Clotaire Oligui Nguema, was identified as a key driver of the transaction’s strong performance.

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

Additionally, Libreville continues ongoing 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.