REPUBLIC OF CONGO · SOVEREIGN DEBT
Key Facts
- —What is happening The Republic of the Congo rang the opening bell at Nasdaq Dubai on Monday, 19 October, to list two sovereign bonds worth US$1.55 billion, which the exchange calls a first for an African sovereign.
- —Why it matters The listing gives debt sold in 2026 a Gulf trading venue while Moody’s estimates Congo’s public debt at 98% of GDP and talks on a new IMF programme continue.
- —The numbers US$700 million of 9.5% notes due 17 February 2035 and US$850 million of 9.5% notes due 26 May 2036, both repaid in instalments; Nasdaq Dubai lists over US$147.5 billion of debt.
- —Who is who Christian Yoka is Congo’s finance minister; Hamed Ali runs Nasdaq Dubai; Mark Steward leads the Dubai Financial Services Authority, which regulates the Dubai International Financial Centre.
- —What to watch Whether Congo agrees a new IMF programme, and how the two notes trade in Dubai once prices, yields and volumes become public.
- —What it means for you The listing changes no US rule and adds no debt, but oil and gas supply about half of Congo’s public revenue, so US holders of African debt follow its refinancing closely.
The Republic of the Congo listed two sovereign bonds worth US$1.55 billion on Nasdaq Dubai on Monday, 19 October. Nasdaq Dubai says it is the first African sovereign issuer to list on the exchange.
Congo listed US$1.55 billion of bonds in Dubai on Monday, 19 October. Nasdaq Dubai calls it a first for an African sovereign, but the bonds already trade in London.
Finance Minister Christian Yoka rang the opening bell at Nasdaq Dubai in the presence of its chief executive. Yoka said Congo is proud to be the first African sovereign issuer to list securities in the UAE.
What Congo Listed in Dubai
The two bonds are US$700 million of 9.5% notes due 17 February 2035 and US$850 million due 26 May 2036. Nasdaq Dubai calls them amortising notes, which means principal is repaid in instalments.
Both carry a 9.5% coupon, the yearly interest rate on the face value, and both repay principal in instalments. The finance ministry said the 2035 bond repays in five equal annual instalments starting in January 2031.
The 2036 bond repays in five equal annual instalments starting in 2032, according to Ecofin Agency. Demand for that issue topped US$1.6 billion, nearly double the US$850 million offered.
Both bonds were first listed on the London Stock Exchange, so Dubai is a secondary listing, not new borrowing. Nasdaq Dubai says the move should raise the visibility of Congo’s debt among Middle Eastern and global institutional investors.
Why Congo Chose Bonds in Dubai
The finance ministry says the May issue created no new debt, because it refinanced older borrowing. The money was earmarked to buy back part of a 2032 bond and repay regional debt due in June and July 2026.
Congo issued privately in November and December 2025, then sold a US$700 million public bond in February. Moody’s counts nearly US$2.5 billion of eurobonds raised since November 2025, maturing between 2032 and 2036.
The finance ministry says Congo’s risk premium fell by more than 400 basis points in six months. A basis point is one hundredth of a percentage point, so that is four percentage points.
How Heavy Is Congo’s Debt Load
Moody’s estimates Congo’s public debt at 98% of GDP in 2025, with arrears of about 13% of GDP, EcoMatin reported. It rates Congo Caa2, a category of very high credit risk, and raised its outlook to positive on 26 May.
Ecofin Agency reported that Fitch kept Congo at CCC+ on 20 February and that S&P Global held the same rating in January. Both agencies flagged an economy that relies on hydrocarbons for most export income.
Oil, the IMF and the Dubai Link
Hydrocarbons make up roughly 40% of Congo’s GDP, half of public revenue and 90% of exports, according to Moody’s. Moody’s also cites higher oil prices and growing liquefied natural gas output as support for the outlook.
Congo has asked the International Monetary Fund (IMF) for a new programme after an earlier arrangement expired, EcoMatin and Ecofin Agency report. They differ on when it asked and on the old arrangement, so this report gives neither.
Hamed Ali, chief executive of Nasdaq Dubai, called the listing a sign of Dubai’s growing role in cross-border capital flows. Mark Steward of the Dubai Financial Services Authority tied it to growing links between Africa and the Dubai International Financial Centre.
Nasdaq Dubai lists more than US$147.5 billion of debt, and 43% of it, about US$63 billion, is sovereign. Congo’s US$1.55 billion is about 1% of that total.
What It Means for US Readers
The listing changes no US rule, and the May notes were sold under Regulation S for offerings outside the United States. The bonds mainly concern holders of African and emerging market debt, and Citigroup was lead arranger of the May deal, Ecofin reported.
Congo’s oil and gas tie it to energy markets that matter to US consumers and companies. This report finds no US sanction, tariff or investment linked to the listing.
Both Moody’s and Fitch rate Congo deep in speculative grade, at Caa2 and CCC+. This report is news, not investment advice, and gives no price target.
What Is Not Known
None of the sources found gives a price, yield or trading volume for the notes in Dubai. They also do not say how many Gulf investors hold the bonds.
The finance ministry gave January 2035 as the final maturity of the February bond. Nasdaq Dubai lists it as due 17 February 2035, and this article follows the exchange.
No source says when the IMF will approve a programme, or on what terms. Reports differ on the date of Congo’s request and the size of the earlier arrangement.
La Nouvelle Tribune reported an 11.625% yield for the 2035 bond and US$930 million of earlier issues. Both are left out because no second source or primary document confirms them.
The Nasdaq Dubai statement of 19 October was read on the exchange’s own site. The African-first claim is the exchange’s and Yoka’s own, and no independent check was possible.
Moody’s note was not opened, so its figures rest on EcoMatin and Dabafinance. Fitch’s CCC+ rests on Ecofin Agency alone.
What Comes Next
None of the sources found announces a further sale or listing, and no date has been given. The next evidence will be how the two notes trade in Dubai.
The IMF talks are the larger event, though no source gives a date for a deal. A listing in Dubai does not replace that programme or change Congo’s debt level.
Frequently Asked Questions
What did Congo list in Dubai?
Congo listed two sovereign bonds worth US$1.55 billion on Nasdaq Dubai on Monday, 19 October. They are US$700 million notes due 2035 and US$850 million notes due 2036, both at 9.5%.
Is this new borrowing?
No, the notes were already listed in London, so Dubai is a second venue. Congo’s obligations on interest and principal are unchanged.
Why is it called an African first?
Nasdaq Dubai says Congo is the first African sovereign issuer to list securities on its exchange. This is the exchange’s own claim and was not independently checked.
How risky is Congo’s debt?
Moody’s rates Congo Caa2 with a positive outlook, and Fitch rates it CCC+. Both are deep in speculative grade, and Moody’s estimates debt at 98% of GDP in 2025.
Which Congo is this?
This is the Republic of the Congo, with its capital in Brazzaville, not the larger DR Congo with its capital in Kinshasa. Oil and gas dominate its economy.
Can Americans buy these bonds?
The May notes were sold under Regulation S, which covers offerings outside the United States. Anyone considering them should ask a licensed adviser, as this report is not investment advice.
Sources: Nasdaq Dubai press release, 19 October 2026; Gulf Today, 19 October 2026; Gulf Daily News, 20 October 2026; TradeArabia; Sikafinance, 19 October 2026; La Nouvelle Tribune, 23 October 2026; Finance ministry statement of 13 February 2026 (allAfrica); Ecofin Agency, 21 May 2026; EcoMatin, 21 May 2026; EcoMatin on Moody’s, 28 May 2026; Dabafinance on Moody’s, 29 May 2026; (all accessed 23 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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