Demand for Angola’s Eurobond outrstrips supply three-fold

4 May 2018

Investors from the United States, Europe and Asia submitted 500 buy proposals for Angola’s recent issue of US$3 billion in Eurobonds, with demand at around US$9 billion, the Ministry of Finance said in a statement posted on its website.

This was the second time Angola issued Eurobonds, or sovereign bonds in foreign currency, after issuing US$1.5 billion in debt in a 10-year issue in 2015.

The new issue, which was placed in London, was divided into two parts, one with a value of US$1.75 billion with a 10-year maturity and a coupon rate of 8.25% and a second 30-year issue in the amount of US$1.25 billion and a coupon of 9.375%.

The statement also said Angola had joined South Africa and Nigeria as the only countries in sub-Saharan Africa to have issued 30-year bonds. (macauhub)