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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
SSA
PRCD
REPCON
Republic of Congo$700
1EMEA
Feb 11, 2026
currency
USD
size (m)
700.000
maturity
Feb 17, 2035
type
Fixed
tenor
9.000
call
-
registration
Reg S Only
benchmark
YLD
ranking
Sr. Unsecured
moody's
-
s&p
CCC+
fitch
CCC+
size description
-
re-open/tap
No
ipt
12.00% area
ipt-pxd
-37.5
guidance
n/a - straight to launch
spread
-
coupon
9.50%
spread set
-
price
90.11500
yield
11.625%
book size (m)
2,000
peak book (m)
-
x-covered
2.86
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,000
peak book (m)
-
x-covered
2.86
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2000; First Pay: 2026-08-17; Registration: Reg S Only; Comments: EUR700m 7yr WAL cpn fxd 9.50% at 90.115, yld 11.625%. B&D: CTI. WAL: 7yrs. LEI: 529900BXT90HR4QTB688;
Deal Comments
Reoffer: 7y WAL: 11.625% / 90.115 Final Books: > US$2bn (excl. JLM) Launched: US$700m @ 11.625% - Book > US$2bn (excl JLM int) Yield set at: 11.625% - Book > US$1.8bn (excl JLM int) IPTs: 7y WAL: 12.000%a Issuer: The Republic of Congo Issuer LEI: 529900BXT90HR4QTB688 Issuer Ratings: Caa2/CCC+/CCC+ (Moody's/S&P/Fitch) Expected Issue Ratings: CCC+/CCC+ (Fitch/S&P) Format: Regulation S (Category 1) Status: Senior Unsecured, Amortizing Currency: USD Size: US$700m Tenor: 7-Year WAL Maturity: 17-Feb-35 Amortizations: 5 equal amortizations on 17-Feb-31, 17-Feb-32, 17-Feb-33, 17-Feb-34 and 17-Feb-35 Settlement: 17-Feb-26 Reoffer: 11.625% / 90.115 Coupon: 9.500% Fixed, Semi-Annual, 30/360 Use of Proceeds: Tender offer on the 2032 Eurobond, and refinancing of domestic market debt lines (OTA, BTA) Denominations: US$ 200k x 1k Governing Law: English Law Listing: London Stock Exchange Sole Bookrunner: Citi Billing & Delivery: Citi ISIN / Common Code: XS3295059367 / 329505936 Clearing: Euroclear / Clearstream Timing: TOE 17:51 UKT / FTT 08:00 UKT 12-Feb-26
Use of Proceeds
Tender offer on the 2032 Eurobond, and refinancing of domestic market debt lines (OTA, BTA)

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