DR Congo raised $1.25 billion from its first sovereign eurobond in an oversubscribed deal that marked the country’s debut on global capital markets.

Despite often being associated with the long-running conflict in its eastern region, Kinshasa was able to sell a stronger credit story than investors expected after presenting its recent critical minerals partnership with the US government and American business partners at investor roadshows in New York, London, and Paris.

“I suspect many of these investors view the heavy investment of US companies into the DRC mining sector as significantly facilitating any claims in the event of a default,” said Mark Bohlund, a credit analyst at London-based REDD Intelligence. Investors also noted DR Congo’s low debt ratio and did not see the conflict as enough to define its sovereign credit story, Leo Morawiecki of Aberdeen Investments told Semafor.

The government borrowed in two parts — one running to 2032 and another to 2037 — at borrowing costs of 8.75% and 9.50%, with Citigroup, Kinshasa-based Rawbank, and Standard Chartered managing the sale.