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Commentary & Deal Flow

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by Jp Albin

Apr 10, 2026 4:36 AM ET

PRICED: The Republic of Congo US$700m 7Y WAL Sr Unsec; 11.625%

HYC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield
The Republic of Congo	7Y WAL	9.500%	17-Feb-35	US$700m	Sr Unsec	Fixed	90.115	11.625%

Reoffer: 11.625% / 90.115

Issuer: The Republic of Congo
Issuer LEI: 529900BXT90HR4QTB688
Issuer Ratings: Caa2/CCC+/CCC+ (Moody's/S&P/Fitch)
Expected Issue Ratings: CCC+/CCC+ (S&P/Fitch)
Format: Reg S
Status: Senior Unsecured, Amortizing
Currency: US$
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 8am UKT 12-Feb-26