DRC prices $1.25bn debut eurobond in two tranches, setting new USD benchmarks
On April 9, 2026 the Democratic Republic of Congo priced a debut $1.25 billion Eurobond in two tranches: $600m due 2032 at 8.75% and $650m due 2037 at 9.50%. Books peaked near $5–5.2 billion, making the deal multiple-times oversubscribed and priced inside comparable regional peers.
The desk brief
On April 9, 2026 the Democratic Republic of Congo priced a debut $1.25 billion Eurobond in two tranches: $600m due 2032 at 8.75% and $650m due 2037 at 9.50%. Books peaked near $5–5.2 billion, making the deal multiple-times oversubscribed and priced inside comparable regional peers.
The transaction establishes new USD benchmark maturities for a large cobalt- and copper-exporting frontier issuer, which can compress relative spreads for commodity-linked African sovereigns if investors reallocate along the new DRC curve. The impact depends on secondary market liquidity, follow-on issuance by the DRC or peers, and monitoring of IMF programme conditions that underpinned demand. Higher US Treasury yields could still raise funding costs even if DRC spreads tighten.
Listing on the London Stock Exchange and first secondary trades; IMF programme conditional reviews.
Sources & verification
Developing storyFurther independent confirmation is required.
- Democratic Republic of Congo Raises $1.25 Billion in Debut Eurobond at Lower Cost Than More Seasoned Neighbors Issuersecofinagency.com (opens in a new tab)
- DRC raises $1.25bn in debut eurobondafricaspoint.comSource published (opens in a new tab)
Public references supporting this brief.
Price Discovery
Congo - Kinshasa sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- DR Congo 32Apr 203297.8759.252%
- DR Congo 37Apr 203796.8759.987%
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