Commentary & Deal Flow

Guidance: 5Y WAL: 8.75-8.875% 10Y WAL: 9.625-9.75% - Combined books > US$4.5bn (excl JLM int) - skew to the 10yr

IPTs: 5Y WAL: 9.125%a 10Y WAL: 10.000%a

• Issuer: The Democratic Republic of the Congo, acting through the Ministry of Finance
• Issuer Ratings: B3 (stable) / B- (positive) by Moody’s / S&P
• Expected Issue Ratings: B3 / B- by Moody’s / S&P
• Format: Rule 144A / Reg S
• Currency: US$
• Pricing Date: 09-Apr-26
• Settlement Date: 16-Apr-26 (T+5)
• Status: Senior Unsecured, Amortizing
• Tenor (Weighted Average Life):
• • 5 years
  • 10 years
• Final Maturity:
• • 5Y WAL: 16-Apr-32
  • 10Y WAL: 16-Apr-37
• Amortisations:
• • 5Y WAL: Three equal instalments on 16-Apr-30, 16-Apr-31 and 16-Apr-32
  • 10Y WAL: Three equal instalments on 16-Apr-35, 16-Apr-36 and 16-Apr-37
• Size: Benchmark (each tranche)
• IPTs:
• • 5Y WAL: 9.125% area
  • 10Y WAL: 10.000% area
• Coupon: Fixed, payable semi-annually in arrear, 30 / 360
• RegS ISIN / Common Code:
• • 5Y WAL: XS3344646875 / 334464687
  • 10Y WAL: XS3344646958 / 334464695
• 144A ISIN / CUSIP:
• • 5Y WAL: US24811WAA62 / 24811WAA6
  • 10Y WAL: US24811WAB46 / 24811WAB4
• Denominations: US$ 200k x US$ 1k
• Use of Proceeds: Allocation to the eligible strategic projects set forth from time to time in the Budget of the Government and/or otherwise in line with the priorities of the 2024–2028 National Strategic Development Plan
• Covenants: Customary sovereign Terms and Conditions; Debt Service Reserve Account
• Clearing: Euroclear/Clearstream/DTC
• Listing: London Stock Exchange
• Law: English Law
• Joint Global Coordinators: Citi, Rawbank
• Joint Bookrunners: Citi, Rawbank, Standard Chartered Bank
• Billing & Delivery: Citi
• LEI: 2138004PAH1DQEIMEW20
• Timing: Books open, today’s business
• Stabilisation: FCA / ICMA stabilisation applies
• Books Subject: 15.00 UKT / 10.00 EST