[2019-11-21] Angolan government raises US$3 billion from issuing Eurobonds

Source: Macauhub

The Angolan government on Tuesday issued US$3 billion in Eurobonds, in two tranches with different maturities, on the London financial market, according to an official statement issued on Wednesday in Luanda.

The statement also said that this issue, authorised by Presidential Order No. 197/19 of 7 November, took place after technical presentations by the Minister of Finance, Vera Daves, in New York, Boston and London.

A 10-year issue of US$1.75 billion was carried out with a coupon rate of 8.0% and the second, of US$1.25 billion and a 30-year maturity, with a coupon rate of 9.125%.

The Ministry of Finance statement said the investor community had expressed its confidence in the institutional and economic reforms being implemented in Angola due to demand reaching US$8.44 billion.

This new debt issue follows one carried out in 2018, which was similar to the one held on Tuesday, except for coupon interest rates, which were set at 8.25% for 10 years and 9.375% for 30 years.

The first time Angola issued Eurobonds was in 2015, with US$1.5 billion.