The Republic of the Congo has completed the secondary listing of two sovereign bond issuances totalling US$1.55 billion on Nasdaq Dubai, making it the first African sovereign issuer to list securities on the exchange.
The listings comprise US$700 million of 9.500 percent amortising notes due February 17, 2035 and US$850 million of 9.500 percent amortising notes due May 26, 2036. They complement the bonds’ initial listing on the London Stock Exchange and raise the Republic’s profile among institutional investors, banks and corporates in the Middle East. The move also reinforces economic and financial ties between the UAE and the Republic of the Congo, formalised through a Comprehensive Economic Partnership Agreement (CEPA).
Christian Yoka, the Republic’s Minister of Finance, Budget and Public Portfolio, rang the market opening bell in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, and Mark Steward, Chief Executive of the Dubai Financial Services Authority.
Yoka said the listing aligns with the Republic’s strategy of diversifying its investor base and reflects confidence in the UAE market. Ali described it as a milestone that brings African sovereign debt closer to regional investors. Steward said it reflects growing connectivity between Africa and the Dubai International Financial Centre.
Nasdaq Dubai’s total outstanding debt listings now exceed US$147.5 billion, with sovereign issuances accounting for 43 percent.
News Source: Emirates News Agency
