Commentary & Deal Flow

Reoffer: 8Y WAL: 9.99% / 97.365

Launched: 8Y WAL: US$850m @ 9.99% - Books > US$1.6bn (excl. JLM)
Yield set at: 8Y WAL: 9.99% - Books > US$1.95bn (excl. JLM)
Guidance: 8Y WAL: 10.125%a - Books > US$1.75bn (excl. JLM)
IPTs: 8Y WAL: 10.500%a

• Issuer: The Republic of Congo
• Issuer LEI: 529900BXT90HR4QTB688
• Issuer Ratings: CCC+/CCC+/Caa2 (Fitch/S&P/Moody's - Stable/Stable)
• Expected Issue Ratings: CCC+/CCC+ (Fitch/S&P)
• Format: Reg S (Category 1)
• Status: Senior Unsecured, Amortising
• Currency: US$
• Size: US$850m
• Tenor: 8-Year WAL
• Maturity: 26-May-36
• Amortizations: 5 equal amortizations in 26-May-32, 2033, 2034, 2035 and 2036
• Settlement: 26-May-26
• Reoffer: 9.99% / 97.365
• Coupon: 9.5% Fixed, Semi-Annual, 30/360
• Use of Proceeds: Tender offer on the 2032 Eurobond and refinancing of domestic securities
• Denominations: US$200k x 1k
• Governing Law: English Law
• Listing: London Stock Exchange
• Sole Bookrunner: Citi (B&D)
• ISIN / Common Code: XS3376882687 / 337688268
• Clearing: Euroclear / Clearstream
• Timing: TOE 19.40 UKT / FTT 8AM UKT 21-May-26