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Congo raises $700mn eurobond before election, extends debt to 2035

Kinshasa, Democratic Republic of Congo. Photo by Johnnathan Tshibangu @ Unsplash
Kinshasa, Democratic Republic of Congo. Photo by Johnnathan Tshibangu @ Unsplash
  • $700mn raised before March 15 election
  • Debt extended to longest-ever 2035 maturity

 

BRAZZAVILLE, CONGO – The Republic of Congo has raised $700 million through a new international bond due 2035, extending its debt maturity profile weeks before a presidential election on March 15.

The 9.5% note marks the Central African oil producer’s first public international offering since private placements late last year. Investor demand exceeded $2 billion from more than 100 accounts, allowing the yield to tighten by 37.5 basis points during pricing.

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