The Democratic Republic of Congo launched its first international bond on Thursday, offering five- and 10-year notes to investors, sources told Reuters. The move positions the resource-rich country to capitalize on global demand for minerals essential to the energy transition and closer ties with the United States.
While the final size of the offering is yet to be confirmed, the DRC previously indicated it aimed to raise $750 million initially, as part of a broader $1.5 billion Eurobond program announced earlier this year. Proceeds are intended for infrastructure development, according to the Central Bank of Congo.
Both bonds are senior unsecured and amortizing. Indicative yields for the 2032-maturing bond were around 9.125%, while the 2037 note offered around 10%. The sale comes amid heightened global interest in the DRC’s vast cobalt and copper reserves, as the U.S. and allied nations seek to diversify supply chains away from China.
The offering has been buoyed by a “positive” credit outlook from S&P Global Ratings in January, citing strong economic growth prospects, improved foreign reserves, and rising tax revenues.
Global bond issuance in emerging markets surged at the start of 2026 but slowed following the Iran war, which lifted energy prices and raised concerns over inflation and borrowing costs. Market conditions improved earlier this week after a provisional two-week ceasefire was announced between Washington and Tehran.
Despite favorable market conditions, domestic risks remain. The DRC emphasized vulnerabilities linked to its reliance on mining exports, instability in the conflict-affected eastern regions, and dependence on concessional financing, which still accounts for 97% of external debt. Sporadic fighting, volatile commodity prices, and infrastructure bottlenecks may affect fiscal resilience, while dependence on major trade partners like China adds concentration risks.
