Dubai:Nasdaq Dubai has announced the secondary listing of two sovereign bond issuances totaling USD 1.55 billion by the Republic of the Congo, marking the first sovereign issuer from Africa to list securities on the exchange. This development enhances the visibility of the Republic's sovereign debt profile among Middle Eastern and global institutional investors and strengthens financial collaboration between the UAE and the Republic of the Congo.
According to Emirates News Agency, the listings comprise USD 700 million 9.500% Amortising Notes due on February 17, 2035, and USD 850 million 9.500% Amortising Notes due on May 26, 2036. The secondary listing on Nasdaq Dubai complements the initial listing on the London Stock Exchange, expanding the Republic's reach to institutional investors, banks, and corporates in the Middle East. This move is part of a broader economic partnership between the United Arab Emirates and the Republic of the Congo, formalized by a Comprehensive Economic Partnership Agreement (CEPA).
To mark the occasion, Christian Yoka, Minister of Finance, Budget and Public Portfolio of the Republic of the Congo, rang the market opening bell at Nasdaq Dubai. He was joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, and Mark Steward, Chief Executive of Dubai Financial Services Authority. Yoka expressed the Republic's appreciation for its economic ties with the UAE and pride in being the first African sovereign issuer to list in the UAE, emphasizing the strategic importance of diversifying their investor base.
Hamed Ali highlighted the significance of welcoming the Republic of the Congo as Nasdaq Dubai's first African sovereign issuer, marking a milestone for the exchange and reinforcing Dubai’s role as a global marketplace for cross-border capital flows. Mark Steward also welcomed the inaugural listing, noting its significance in fostering connections between Africa and Dubai International Financial Centre.
Nasdaq Dubai now has total outstanding debt listings exceeding USD 147.5 billion, with sovereign issuances making up 43% of the total.