Angola cancels issuance of US$1.5 billion in Eurobonds

5 October 2015

The government of Angola has cancelled the issuance of Eurobonds in the amount of US$1.5 billion due to the current economic conditions and set no new date to issue the bonds, the Reuters news agency reported.

Angola had planned to carry out between 25 September and 5 October a promotional campaign for a debt issue but, according to a source cited by Reuters, it decided to cancel it in view of the recent sharp devaluation of the kwanza, the national currency, against the US dollar.

“Our partners have recommended for us not to proceed with this debt issue right now,” the ministry source said.

Last week, Fitch Ratings downgraded Angola’s credit rating from “BB-” to “B+”, a cut that highlight the effect the drop in oil prices has had on the economy. (macauhub/AO)