Gabon has returned to international capital markets with a $920 million Eurobond, exceeding its initial $750 million target as strong investor demand enabled the government to increase the size of the issuance, according to Bloomberg. The seven year bond carries a 9.375% coupon and matures in 2033, marking Gabon’s return to international bond markets as the government seeks to mobilise funding for infrastructure, development projects and outstanding obligations. Gabon’s Debt Directorate said the transaction represents an important step in diversifying the country’s sources of government financing and rebuilding access to international capital.
The issuance comes as Gabon faces substantial financing requirements while pursuing fiscal reforms and seeking a new programme with the International Monetary Fund. The government’s revised 2026 budget authorised up to $1.5 billion in international borrowing, while its draft 2027 budget envisages raising about $2 billion from international markets. The latest bond therefore uses roughly 61% of the revised 2026 external borrowing ceiling, leaving theoretical capacity of around $580 million, although no additional Eurobond has been announced. The proceeds from the 2026 issuance are expected to support projects under the National Growth and Development Plan 2026 to 2030 and help settle arrears.
Gabon’s return to the Eurobond market comes at a critical point for its public finances. The country formally requested an IMF programme in March, with technical discussions continuing over fiscal and debt developments. The IMF has welcomed Gabon’s public debt audit, which found that the country’s overall debt burden was lower than previously estimated, although the government still faces rising debt service and repayment obligations. The successful $920 million issuance gives Libreville additional funding flexibility, but its 9.375% coupon also illustrates the relatively high cost of accessing international capital as global borrowing conditions remain challenging.
