Commentary & Deal Flow

The Republic of Congo, rated CCC+/Caa2/CCC+ (S&P/Moody's/Fitch), has mandated Citi as Sole Bookrunner to arrange a series of hybrid fixed income investor meetings in London, commencing on 13-May-26.

A Regulation S (Category 1) US$ benchmark 8-year weighted average life offering (the “New Notes Offering”) will follow after the expiration of the Tender Offer, subject to market conditions.

In conjunction with the New Notes Offering, the Republic of Congo has also announced an any and all tender offer (the "Tender Offer") on its existing 9.875% Amortising Notes due 2032 (approximately US$576mn outstanding), which will expire on 19-May-26. The Tender Offer is made upon the terms and subject to the conditions set forth in the Tender Offer Memorandum, dated 12-May-26. Citi is acting as Dealer Manager.