Angola to Proceed With Eurobond Sale, Finance Ministry Says
(Bloomberg) -- Angola will proceed with a eurobond sale, with an official announcement on the sale to be made later on Tuesday, a Finance Ministry spokesperson said.
The planned issuance comes after yields on the oil-rich nation’s dollar bonds eased from record highs, providing an opportunity to refinance debt maturing next month. Kenya’s $1.5 billion eurobond sale last week was almost five times subscribed, highlighting demand for high-yielding bonds from African issuers.
The Finance Ministry spokesperson didn’t provide details on the size and maturity of the sale, after Bloomberg reported on Monday that the country was weighing fresh issuance.
Angola last tapped international markets in 2022, when it sold $1.75 billion of bonds due in 2032. The yield on those securities fell as low as 9.61% on Oct. 2, narrowing the yield premium over US Treasuries to the least in almost 15 months.
As Africa’s largest oil producer after Nigeria and Libya, Angola has benefited from rising crude output and stable prices to bolster its finances. Its government has also carried out reforms such as reducing fuel subsidies to lower debt and ease pressure on the budget.
Angola owes $864 million on a bond that’s set to mature in November. The country’s long-term foreign debt is rated B-, or six steps below investment grade, with a stable outlook at S&P Global Ratings.
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