Eurobonds, Nasdaq Dubai, JPMorgan: CEMAC takes on international markets
Governments and institutions in the sub-region are borrowing more and more on international financial markets. These issues bring in welcome foreign currency, but at a high cost and with a refinancing risk to watch.
Translated from French. Lire en français
A year of record issues
2026 marks a strong return of Central African issuers to international markets. Gabon raised 1.5 billion dollars in three months, with bond yields close to 12%. Congo listed two bond issues, totalling 1.55 billion dollars, on Nasdaq Dubai.
Even regional institutions are joining in. The Development Bank of Central African States (BDEAC) made its first international issue on 13 October 2026: 220 million dollars, more than 130 billion FCFA, with a 7.88% coupon maturing in 2029. The operation represents nearly 15% of the bank's balance sheet at the end of 2025.
Why look for money abroad?
The regional financial market remains shallow: it cannot always raise large amounts over long periods. International markets offer larger volumes and foreign currency that strengthens foreign exchange reserves. In a sign of growing interest, JPMorgan is considering adding the bonds of one of the zone's states to its main emerging-market debt indices, which would attract more investors.
The other side of the coin
The cost is high. Borrowing at nearly 12% in dollars weighs heavily on budgets, especially as public revenue is largely in CFA francs. These debts will also have to be repaid or refinanced when they mature, sometimes in less favourable market conditions.
And Chad?
Chad, rated B- by S&P and Fitch with a stable outlook, has not made a large international issue recently. Its stated priority remains fiscal consolidation. Its neighbours' successes or difficulties on the markets will offer useful lessons before any possible debut.
Key figures
- Gabon: 1.5 billion USD raised in three months, yields close to 12%
- Congo: 1.55 billion USD listed on Nasdaq Dubai
- BDEAC: 220 million USD, 7.88% coupon, maturing 2029
- Published on:
- Wednesday, 28 October 2026
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