AFG Capital Ltd has expressed immense satisfaction in guiding Gabon’s re-entry into the international bond markets. The firm proudly confirms its role as the exclusive financial advisor to the Gabonese State, instrumental in structuring a substantial $920 million bond issuance.
This significant financial endeavor garnered robust interest from institutional investors, underscoring AFG Holding’s prowess, through its subsidiary AFG Capital, in meticulously structuring and supporting major sovereign transactions across Africa. Collaborating alongside AFG Capital in orchestrating this operation were Cygnum Capital and Citigroup Global Markets, serving as arrangers, with White & Case providing legal counsel to the Gabonese State.
Standing as one of the most substantial African sovereign operations of 2026, this transaction solidifies AFG Group’s ambition, channeled through AFG Capital, to become a leading partner for both public and private sector entities in Africa for large-scale financial structuring. It also signifies Gabon’s notable return to global financial markets after an absence of several years, a key moment in pan-African current affairs.
The successful outcome of this operation received official confirmation on Thursday, July 30, from the Gabonese Ministry of Economy, Finance, Debt and Participations, which is also tasked with combating the high cost of living.
According to the ministry’s statement, the bond issuance was significantly oversubscribed. This strong demand enabled the Gabonese State to ultimately raise $920 million, surpassing its initial target of $750 million by an additional $170 million.
The government views this as a clear indicator of renewed market confidence in the nation’s financial standing and the trajectory of reforms being implemented under the National Growth and Development Plan (PNCD) 2026-2030. This plan is strategically designed to restore macroeconomic stability and accelerate the diversification of the economy.
The operation was structured with a 9.375% coupon, a seven-year maturity period, and a three-year amortization deferral, setting the final repayment date in 2033. The ministry clarified that the funds mobilized will be channeled towards financing public investment projects and settling a portion of the State’s outstanding arrears, aligning with the directives of the rectifying finance law for 2026.
Furthermore, the governmental communiqué highlighted the effectiveness of the pre-issuance “road-show” conducted for international institutional investors. This outreach was deemed crucial to the operation’s success, which was championed under the impetus of the President of the Republic, Brice Clotaire Oligui Nguema.
This significant Gabon bond market return occurs within a broader context where other countries in the Economic and Monetary Community of Central Africa (CEMAC) have undertaken similar operations this year. Cameroon successfully raised $750 million in January, followed by the Republic of Congo, which mobilized $850 million in May. Consequently, Gabon emerges as the third State within the sub-region to tap into international markets in 2026, showcasing dynamic Africa politics English speakers follow.
Libreville is also continuing technical discussions with the International Monetary Fund (FMI). A review mission is anticipated in the Gabonese capital in September, with the aim of establishing an economic and financial program by the close of the year.
