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Gabon has successfully raised $920 million through a seven-year Eurobond, exceeding its initial target by 22.7% despite facing high borrowing costs on international capital markets.

This development is significant for investors and policymakers in Gabon, as it demonstrates the government's ability to secure funding at competitive rates. The transaction was significantly oversubscribed, with investor orders exceeding $1 billion, allowing Libreville to increase the deal size by $170 million.

The new Eurobond improves on several features of Gabon's previous international bond sale, including a longer maturity period and lower coupon rate. The notes will mature in 2033 and carry a 9.375% annual coupon, with a three-year grace period during which Gabon will pay interest before beginning principal repayments.

Practitioners should note that this development may have implications for investors and policymakers in Gabon, particularly in terms of the country's ability to manage its debt and secure funding at competitive rates.