The dual-tranche bond, issued in US dollars and equivalent to $1.25bn, was structured into five-year and ten-year maturities, with yields of 8.75% and 9.5% respectively. The bond is expected to be listed on the London Stock Exchange, underlining the country’s ambition to establish a recurring presence in international debt markets.
Investor demand far exceeded expectations. According to the finance ministry, the offering attracted more than $5.2bn in orders from over 110 global investors, making it more than four times oversubscribed. The strong uptake highlights renewed appetite for African sovereign debt despite lingering concerns about risk and borrowing costs.
Finance Minister Doudou Likunde described the issuance as “an important step” in the country’s financing strategy, emphasising the need to broaden funding channels beyond traditional concessional loans. He said proceeds would be directed towards infrastructure, energy, and social development projects aligned with national priorities.
While eurobonds provide access to a wider pool of international capital, they have often drawn criticism for their relatively high interest rates compared with multilateral financing. However, authorities in Kinshasa maintain that the transaction was carefully structured in collaboration with global partners, including the International Monetary Fund, and remains consistent with debt sustainability targets.
The bond issuance comes amid continued engagement with the IMF, which approved a $2.76bn financing programme for the country in early 2025. The programme includes both an Extended Credit Facility and a Resilience and Sustainability Facility, with recent reviews unlocking a further $442m in disbursements.
Despite persistent conflict in eastern regions, the IMF has noted that the Congolese economy remains resilient, supported by ongoing structural reforms and steady export performance. A US-brokered peace effort aimed at easing tensions involving the M23 militia has yet to fully stabilise the region, with ceasefire violations still reported.
Economic indicators have shown modest improvement. The IMF projects growth of 5.3% this year, while S&P Global recently upgraded the country’s outlook to positive, citing progress in fiscal management and stronger external conditions.
Market participants say the successful bond sale sends a broader signal. Mustafa Rawji, chief executive of Rawbank, one of the transaction’s coordinators alongside Citigroup and Standard Chartered, described the deal as a decisive moment for the country’s financial trajectory.
For global investors, the eurobond debut suggests that the DRC is positioning itself as a more credible frontier market, balancing risk with reform-driven opportunity in one of Africa’s most resource-endowed economies.