Angolan government approves strategy for second issue of Eurobonds

9 March 2018

Angola’s second issue of Eurobonds, worth US$2 billion, will improve the composition of the country’s foreign debt stock, according to an order signed by President João Lourenço, green-lighting the strategy for issuing sovereign bonds on international markets.

Angolan Finance Minister Archer Mangueira, who was authorised to carry out the transaction, announced on 14 February that Angola’s second issue of Eurobonds, in the amount of US$2 billion, will be supported, among others, by investment bank Goldman Sachs.

Archer Mangueira also said that Deutsche Bank and the Industrial and Commercial Bank of China are part of the banking syndicate leading operation, as was the case in November 2015, when Angola carried out its first debt issue in foreign currency, in the amount of US$1.5 billion.

The issue now authorised comes at a time when public debt, excluding debt taken on by state companies, has already exceeded the equivalent of 67% of the country’s gross domestic product (GDP), according to figures released by the Ministry of Finance in January. (macauhub)