AFG Capital Ltd has announced its pivotal role in Gabon’s triumphant re-entry into the international bond markets. As the government’s exclusive financial advisor, the firm played a central part in structuring a $920 million sovereign bond issuance, a figure that exceeded initial expectations.
This landmark transaction, one of Africa’s largest sovereign deals of 2026, underscores AFG Holding’s strategic prowess through its subsidiary AFG Capital. The operation was co-arranged by Cygnum Capital and Citigroup Global Markets, while White & Case served as legal counsel for the Gabonese state. Together, they delivered a seamless execution that captured strong institutional investor demand.
Gabon’s return to global markets after years of absence is more than a financial milestone—it reflects renewed market confidence in the country’s economic trajectory. The bond, with a 9.375% coupon, a seven-year maturity, and a three-year grace period, will mature in 2033. Proceeds will fund critical public investment projects and help settle outstanding state arrears, aligning with the 2026 revised budget law.
The Gabonese Ministry of Economy, Finance, and Debt confirmed the transaction’s overwhelming success on July 30, announcing that the issuance was significantly oversubscribed. The final amount raised reached $920 million—$170 million more than the initial target of $750 million—highlighting robust investor appetite.
This achievement is tied to the government’s ongoing reforms under the 2026-2030 National Growth and Development Plan (PNCD), which aims to restore macroeconomic stability and accelerate economic diversification. A high-profile investor roadshow, led by President Brice Clotaire Oligui Nguema, played a key role in securing this outcome.
Gabon’s return follows similar moves by other Central African Economic and Monetary Community (CEMAC) members this year: Cameroon raised $750 million in January, and the Republic of the Congo secured $850 million in May. Libreville now stands as the third CEMAC nation to tap international markets in 2026.
Looking ahead, Gabon is also advancing talks with the International Monetary Fund (IMF). An IMF review mission is scheduled to visit the capital in September, paving the way for a potential economic and financial program by year-end.
