The recent issue of Angolan debt with the placement of US$3 billion in Eurobonds was a historic step towards extending the maturity curve, and exceeded expectation, according to the economic studies unit of Portuguese bank Banco Português de Investimento (BPI).
Analysts at Banco BPI said the positive news comes from the fact that a share of the US$1.25 billion issue was placed at a 30-year maturity, “as the main expectation was that it would only issue 10-year debt.”
This issue of Eurobonds was the second carried out by Angola, after it placed US$1.5 billion of debt with international investors in 2015, with a maturity of 10 years.
The Angolan Finance Ministry reported last week that investors from the United States, Europe and Asia made 500 purchase bids, with a demand of around US$9 billion outstripping supply three-fold. (macauhub)