Dubai: Congo achieves an African first with its sovereign debt

The Republic of the Congo has listed two sovereign bond issues totaling $1.55 billion on Nasdaq Dubai, becoming the first African country to list sovereign bonds there. The $700 million and $850 million issues carry a 9.5% nominal interest rate and mature in 2035 and 2036; they were already listed on the London Stock Exchange, so the Dubai listing does not represent new borrowing. The move is intended to broaden investor visibility and facilitate secondary-market trading, while the Congo remains responsible for paying interest and repaying the principal.