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Angola raised US$1.75 billion in overseas debt

by editor
April 12, 2022
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Angola raised US$1.75 billion in overseas debt, becoming the second African nation after Nigeria to tap the Eurobond market since the start of the war in Ukraine.

The 10-year debt offering, the first since 2018, was priced to yield 8.75%, less than the initial guidance, and was more than two times oversubscribed.

The sale came after the nation, completed a program with the International Monetary Fund last year and its economy recovers from a recession on the back of higher crude prices.

Angola said proceeds of the sale will be used to refinance or repay outstanding debt or for its budget. The government expressed plans to buy back as much as US$750 million of Eurobonds due in 2025 and 2028 after issuing one or two new U.S.-dollar denominated notes.

“The strong demand in this debt sale shows that Angola clearly remains on investors’ radar screens when looking at sub-Saharan African countries. It’s a positive step for Angola.” Tiago Dionisio, a Lisbon-based analyst at Eaglestone Advisory SA.

The nation’s economy is forecast to expand 2.9% this year after exiting five years of recession in 2021, according to the IMF.

S&P Global Ratings upgraded the country’s debt on Feb. 4, while Fitch Ratings marked up its assessment the previous month.

Angola appointed Citigroup limited and Deutsche Bank AG to serve as dealer managers for the offers.-kenyanwallstreet

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