Angola Returns to Eurobond Market With $1.5 Billion Dual-Tranche Offer
TLDR
- Angola is returning to international bond markets for the first time in three years, seeking to raise $1.5 billion through a dual-tranche U.S. dollar Eurobond
- The southern African nation plans to issue five-year notes maturing in January 2031 and ten-year notes maturing in October 2035
- The issuance forms part of Angola’s 2025 financing plan to raise $6 billion via debt instruments to meet total funding needs of $14.9 billion
Angola is returning to international bond markets for the first time in three years, seeking to raise $1.5 billion through a dual-tranche U.S. dollar Eurobond, according to the Ministry of Finance.
The southern African nation plans to issue five-year notes maturing in January 2031 and ten-year notes maturing in October 2035, with initial yields of around 9.75% and 10.50%, respectively. The issuance forms part of Angola’s 2025 financing plan to raise $6 billion via debt instruments to meet total funding needs of $14.9 billion.
The country faces near-term pressures, including a $864 million bond repayment in November and the expiration of a $1 billion total return swap with JPMorgan in December. Citi, Deutsche Bank, JPMorgan, and Standard Chartered are acting as joint lead managers.
Angola’s 2032 Eurobond was yielding 9.86% on Tuesday, near its lowest level since February 2023.
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Key Takeaways
Angola’s planned $1.5 billion Eurobond marks a strong comeback for African sovereign issuers as borrowing conditions improve globally. The JPMorgan Africa NexGem Index shows African debt spreads at their tightest since 2019, reflecting investor confidence in countries implementing fiscal reforms and benefiting from credit rating upgrades. For Angola, the deal will test market sentiment following years of macroeconomic stabilization efforts under President João Lourenço, including subsidy cuts, IMF-backed fiscal discipline, and debt restructuring. It also highlights renewed appetite for frontier-market debt as investors seek higher yields amid easing global rates. With Nigeria, DR Congo, and South Africa also expected to issue bonds soon, Angola’s return could signal the start of a new phase of African sovereign re-engagement with international capital markets — albeit at still-elevated borrowing costs.
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