The Democratic Republic of Congo (DRC) plans to raise $750 million in its first foray into the international bond market, Bloomberg News reported after interviewing Finance Minister Doudou Fwamba Likunde on Jan. 22, 2026.
The figure is a 50% reduction from the country’s original target. Last August, the minister secured authorization from the Council of Ministers to prepare a debut Eurobond issuance of $1.5 billion.
Analysts say the country is not abandoning the $1.5 billion goal. Instead, the objective is expected to be achieved through several operations. Doudou Fwamba said the intention is to issue a first Eurobond, followed by a second, third and fourth, and so on, according to Bloomberg. He did not provide a specific timetable.
Bloomberg did not explain what appears to be a change in strategy. However, the International Monetary Fund (IMF) noted in its latest mid-January report on the country that authorities could scale back their initial plans. The IMF said the issuance would depend on market conditions and the identification of high-yield projects. The fund is overseeing the implementation of a three-year economic and financial program in the DRC, launched in 2025 after a previous program.
Several analysts believe current market conditions are favorable. Yield spreads for African sovereign debt in dollars have narrowed to their lowest levels in several years. However, for the DRC, a first-time issuer with a speculative rating, investors are expected to demand double-digit interest rates. These rates would depend on the maturity of the securities, which remains unknown.
Preparations at a “preliminary stage”
This outlook could explain the government’s caution, as it says it is seeking conditions that guarantee fiscal sustainability. This is particularly significant as the IMF estimates that any issuance will require a recalibration of the program to preserve debt sustainability and ensure the transparent and efficient use of the raised funds. A source familiar with the matter said the Eurobond is possible, but only under conditions of fiscal discipline and governance.
For now, the IMF says the work is at a preliminary stage. An issuance before mid-2026 is unlikely due to due diligence requirements, discussions with investors, and parliamentary approval constraints. Authorities have committed to the IMF to seek prior approval from Parliament before any issuance. The government has set a deadline of June 30 to complete the operation. Bloomberg, for its part, mentions April.
According to the finance minister, the government is still working on the maturity of the bonds. It has held only preliminary meetings with institutional investors, including BlackRock Inc., Finisterre Capital, Amundi Group, and JP Morgan. Nevertheless, the institutions expected to lead the operation have reportedly been identified.
According to Bloomberg, Citigroup would lead the operation with the support of Rawbank SA. Rothschild & Co. and White & Case LLP would handle the structuring as financial and legal advisors. Based on publicly available information, Rawbank’s exact role is not clear. It is not specified whether it will serve as a co-arranger, a local reference bank for payments and escrow accounts, provide investor marketing support, or offer technical support in document preparation.
Pierre Mukoko
