Cygnum Capital: Excellence in Sovereign and Supranational Advisory EMEA 2026
Sovereign issuers across EMEA spent 2026 rebuilding market access on terms they could afford. Cygnum Capital worked on several of those transactions and on the ratings engagements behind them.
The firm co-arranged the Republic of Cameroon’s $750m seven-year private-placement Eurobond in January 2026 and advised on a related dollar-to-euro cross-currency swap that reduced the effective euro cost.
During 2026, as financial adviser to the Republic of Angola, Cygnum Capital advised on an aggregate $4bn of bond issuances and taps alongside repurchases totalling $1.25bn, smoothing out Angola’s debt maturity profile and easing near-term refinancing pressure.
Elsewhere in Africa, the firm co-arranged Gabon’s $920m return to international markets and advised Ghana on its first long-dated domestic bond since the country’s debt restructuring.
A World Bank Group-backed debt-for-development swap extends the Angola mandate to social outcomes. The transaction allowed Angola to refinance up to $400m of high-cost commercial debt through a 10-year guaranteed loan, with most of the savings directed to 30 additional secondary schools expected to benefit more than 32,000 students.
In Georgia, where Cygnum Capital is the sovereign’s sole international ratings adviser, the agencies affirmed the BB/Ba2/BB ratings, Fitch and Moody’s restored stable outlooks and S&P moved to a positive outlook. The firm’s mandate for the Hashemite Kingdom of Jordan spans the country’s first Moody’s upgrade in 21 years, in 2024, and a subsequent S&P upgrade to BB-.
The International Finance Facility for Immunisation appointed the firm to conduct the strategic review marking its twentieth anniversary, covering operating model and funding strategy. Cygnum Capital has also advised the International Finance Facility for Education on structuring contingent capital instruments to strengthen its capacity to mobilise education funding.
A frontier and transition-market focus informs the advice on investor access, refinancing needs and country-specific vulnerabilities. The Capital Finance International (CFI.co) Judging Panel congratulates Cygnum Capital on winning the Excellence in Sovereign and Supranational Advisory EMEA 2026 Award.
