Nasdaq Dubai has listed $1.55 billion in sovereign bonds issued by the Republic of the Congo, making it the first African sovereign issuer to list securities on the exchange, the bourse said on Monday.
The secondary listing comprises $700 million in 9.5% amortising notes due February 17, 2035, and $850 million in 9.5% amortising notes due May 26, 2036.
The bonds were initially listed on the London Stock Exchange. Their secondary listing in Dubai is intended to broaden their visibility among institutional investors, banks and corporates in the Middle East.
Christian Yoka, the Republic of the Congo’s finance minister, said the listing supported the country’s strategy to diversify its investor base and reflected confidence in the UAE market as a link to international investors.
Hamed Ali, chief executive of Nasdaq Dubai and Dubai Financial Market, said the listing marked a milestone for the exchange and brought African sovereign debt closer to investors in the Middle East.
Mark Steward, chief executive of the Dubai Financial Services Authority, said the listing reflected growing financial connectivity between Africa and the Dubai International Financial Centre.
The listing comes amid expanding economic ties between the UAE and the Republic of the Congo, formalised through a Comprehensive Economic Partnership Agreement.
Nasdaq Dubai’s total outstanding debt listings now exceed $147.5 billion, with sovereign issuances accounting for 43% of the total.
