Congo Raises $1.25 Billion in Debut Dollar Bond Issuance

The Democratic Republic of Congo raised $1.25 billion from its first sale of dollar bonds, taking advantage of a ceasefire in the war between the US and Iran.

Africa’s largest copper producer priced a $600 million six-year note and a $650 million 11-year security late Thursday at yields of 8.75% and 9.5%, respectively. Yields on the 2032 notes dropped on the first day of trading on Friday, falling 10 basis points to 8.63% as of 10:20 a.m. in London, according to IBVL indicative pricing.