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[Congo Makes its First foray into the International Bond Market, Raising Funds with a 9% High Yield to Test Resource Credit Premium] ⑴ Two informed sources revealed on Thursday that the Democratic Republic of Congo has officially launched its first-ever international bond issuance, planning to raise funds from global investors through 5-year and 10-year US dollar-denominated notes, leveraging its central position in the global key mineral market and its warming relations with the United States. ⑵ Although the final issuance size has not yet been finalized, the country previously disclosed plans to raise $750 million initially, as part of its $1.5 billion euro bond issuance plan announced earlier this year, with the funds specifically earmarked for infrastructure construction. ⑶ Both bonds are senior unsecured installment structures, with an initial guidance yield of approximately 9.125% for the 2032 maturity bond and approximately 10% for the 2037 maturity bond. The high coupon rate reflects the market's cautious pricing of its sovereign credit risk. ⑷ This bond issuance window comes at a time of increasingly fierce global competition for key minerals in the energy transition, and the strategic pursuit by the United States and its allies to diversify supply chains away from China adds additional geopolitical appeal to Congolese mining assets. (5) S&P Global Ratings upgraded the country's credit outlook to positive in January, citing strong economic growth prospects and improved foreign exchange reserves and tax collection capabilities. (6) The outbreak of war with Iran brought emerging market bond issuance to a standstill, but the international capital market environment has marginally improved after the US-Iran ceasefire agreement this week, providing a rare window of opportunity for Congo's debut. (7) In its issuance circular released on Wednesday, the country frankly acknowledged key vulnerabilities, including its heavy reliance on mining exports, continued instability in the conflict-ridden eastern regions, and the structural constraint that concessional financing still accounts for 97% of its total external debt. (8) Sporadic clashes with Rwandan-backed rebels, commodity price volatility, and infrastructure bottlenecks could erode fiscal resilience, while its concentrated reliance on major trading partners also poses a risk of economic diversification.