Angola makes second issue of Eurobonds in February

15 February 2018

Angola is expected to make its second issue of Eurobonds later this month, of around US$2 billion, Finance Minister Archer Mangueira said in statements issued on Wednesday in Luanda at the National Assembly.

The minister, speaking after final approval of the proposed State Budget bill for 2018, said there would be a number of banks working with the Ministry of Finance to prepare this sovereign debt issue in foreign currency.

This Eurobond issue comes at a time when the government’s public debt (which excludes debt contracted by Angolan state companies), is above of 67% of the country’s Gross Domestic Product (GDP), according to January figures released by the Ministry of Finance.

The general state budget (OGE) expenditure for 2018 is one of the main concerns of the Angolan government, which according to Finance Minister Archer Mangueira, aims to “change the current trajectory” through a “fiscal consolidation exercise.”

Angola made its debut in the issuance of Eurobonds in November 2015, raising about US$1.5 billion in the foreign market through a syndicate of banks led by the US-based Goldman Sachs International, which included Germany’s Deutsche Bank and China’s ICBC International. (macauhub)