Angolan government delays issue of public debt

30 March 2010

Lisbon, Portugal, 30 March – The Angolan government has decided to delay the first issue of public debt announced in 2009 to be carried out by next June, a source from the JP Morgan bank said in Lisbon.

“We are going to wait, be patient,” the source told Portuguese news agency Lusa, commenting on the fact that it had not so far happened, despite the first tranche of the issue initially being outlined for December 2009, to a total value of up to US$4 billion.

JP Morgan is the bank charged with organising this debt issue in Angola.

The issue of treasury bonds by Angola for the first time may open up the way for a debt rating of Angola’s sovereign debt for the first time.

When , at the end of 2009, the Angolan authorities announced the debt issue they also made it known they were interested in being rated, with a view to making the sale of bonds on the international market easier.

According to analysts from Espírito Santo Research, in a recent note on Angola, the delay is a result of the “recent turbulence in the international debt markets, mainly set off by problems in Dubai and Greece.” (macauhub)