Commentary & Deal Flow

Reoffer: 7yr: 12.650% / 87.422

• Issuer: The Gabonese Republic
• Issuer LEI: 213800ZIWIDL1KU8MB19
• Issuer Ratings: Caa2/CCC- (Moody's/Fitch)
• Expected Issue Ratings: Caa2/CCC- (Moody's/Fitch)
• Currency: U.S. dollars ("US$")
• Total Principal Amount: US$920,000,000
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• Trade Date: 30-Jul-26
• Settlement Date: 05-Aug-26 (T+4)
• Final Maturity Date: 05-Aug-33
• Weighted Average Life: 5.5 years
• Coupon: 9.375% per annum
• Interest Payment Dates: Interest on the Notes will be paid semi-annually on 5 August and 5 February in each year, commencing on 05-Feb-27
• Day Count Fraction: 30/360
• Issue Price: 87.422%
• Re-offer Yield: 12.650%
• Amortisation Dates: The Interest Payment Date falling on 05-Aug-30 (the "First Amortisation Date"), the Interest Payment Date falling on 05-Aug-31 (the "Second Amortisation Date"), the Interest Payment Date falling on 05-Aug-32 (the "Third Amortisation Date"), the Final Maturity Date (the "Final Amortisation Date").
• Amortisation Amounts: 25 per cent. of the outstanding principal amount on the First Amortisation Date, 33 ⅓ per cent. of the outstanding principal amount on the Second Amortisation Date, 50 per cent. of the outstanding principal amount on the Third Amortisation Date, and 100 per cent. of the outstanding principal amount on the Final Amortisation Date.
• Original Issue Discount for U.S. Tax Purposes: The Notes will be issued with original issue discount ("OID") for U.S. Federal Income Tax purposes. The Notes will have OID of U.S.$125.78 per U.S.$1,000 of principal amount.
• Net Proceeds: U.S.$804,282,400
• Use of Proceeds: The proceeds of the Notes will be used for repayment of arrears and the remainder of the proceeds of the Notes will be used for general budgetary purposes.
• U.S. Selling Restrictions: Regulation S, Category 1 /4(a)2
• Listing: Application will be made for listing on the main market of the London Stock Exchange plc (the "London Stock Exchange"). There are no assurances that the Notes will be admitted to trading on the main market of the London Stock Exchange.
• Governing Law: English
• Settlement: Euroclear/Clearstream
• Form of the Notes: Registered Global Notes
• ISIN (Unrestricted Global Certificate): XS3460790887 (Reg S)
• Common Code (Unrestricted Global Certificate): 346079088 (Reg S)
• Fiscal Agent, Principal Paying Agent and Transfer Agent: Citibank, N.A., London Branch
• Registrar: Citigroup Global Markets Europe AG
• Documentation: Standalone
• Sole Bookrunner: Citigroup Global Markets Limited
• Joint Arrangers: Citigroup Global Markets Limited, Cygnum Capital Middle East Limited
• Additional Selling Restrictions: UK MiFIR eligible counterparties and professional clients only. No EU PRIIPS key information document ("KID") has been prepared as not available to retail in EEA.