angola

 

Angola Raises $1.75 Billion in Its Latest Eurobond Sale

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By Henrique Almeida and Jorgelina Do Rosario

October 7, 2025 at 9:08 AM GMT+2

Updated on 

October 7, 2025 at 8:59 PM GMT+2

Takeaways by Bloomberg AI

• Angola sold $1.75 billion of bonds on Tuesday, making it the latest African country to sell dollar-denominated notes.
• It priced five- and 10-year notes with respective yields of 9.25% and 10.125%, according to a person familiar with the matter.
• Proceeds from the debt sale will go toward general budgetary purposes, and the sale comes as yields on Angola's dollar bonds have retreated from record highs.

Angola sold $1.75 billion of bonds on Tuesday, making it the latest African country to sell dollar-denominated notes.

It priced five- and 10-year notes with respective yields of 9.25% and 10.125%, according to a person familiar with the matter who asked not to be identified. Those levels were as much as 0.5 percentage point lower than initial price talk. Proceeds from the debt sale will go toward general budgetary purposes, the person added.

Yields on the oil-rich nation’s dollar bonds have retreated from record highs, creating an opportunity to refinance debt coming due next month. Bloomberg News reported on Monday that Angola was weighing fresh issuance after Kenya’s $1.5 billion eurobond sale last week was almost five times subscribed, highlighting demand for high-yielding bonds from African issuers.

Angola last December sold $1.2 billion of notes in a private placement. The country in 2022 issued $1.75 billion of 10-year bonds, whose premium over US Treasuries last week tightened to the least in almost 15 months.

Angola's Risk Premium Narrows

Country sees opportunity to issue new eurobonds

Source: JPMorgan/Bloomberg

As Africa’s third-largest oil producer after Nigeria and Libya, Angola has benefited from rising crude output and stable prices, which have strengthened its finances. The government has also implemented reforms, including reducing fuel subsidies, to cut debt and ease pressure on the budget.

Angola owes $864 million on a bond maturing in November.

Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and Standard Chartered Plc were joint lead managers on Tuesday’s bond sale.

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— With assistance from Robert Brand

(Updates with deal pricing