The Republic of the Congo has listed two sovereign bond issues totaling $1.55 billion on Nasdaq Dubai, becoming the first African sovereign issuer to list securities on the exchange, the Emirates News Agency (WAM) reported on Monday.
The secondary listing covers $700 million of 9.5% amortising notes due February 17, 2035 and $850 million of 9.5% amortising notes due May 26, 2036.
The bonds were first listed on the London Stock Exchange. The Dubai listing does not raise new money. It is intended to widen the notes’ exposure to institutional investors, banks and companies based in the Middle East.
Christian Yoka, the Republic of the Congo’s Minister of Finance, Budget and Public Portfolio, rang the market opening bell at Nasdaq Dubai on Monday. Hamed Ali, chief executive of Nasdaq Dubai and Dubai Financial Market (DFM), and Mark Steward, chief executive of the Dubai Financial Services Authority, attended.
“The listing of these bonds on Nasdaq Dubai aligns with our wider strategy of diversifying our investor base and reflects our confidence in the UAE market and its role connecting issuers with international investors,” Yoka said.
Ali said the debut “brings African sovereign debt closer to investors in the Middle East.”
The UAE and the Republic of the Congo have formalized their economic ties through a Comprehensive Economic Partnership Agreement.
Total outstanding debt listings on Nasdaq Dubai now exceed $147.5 billion, with sovereign issues accounting for 43% of the total, according to the exchange.
