Angola is set to return to international capital markets with plans to raise $1.5 billion through five- and ten-year dollar-denominated bonds maturing in 2031 and 2035, the finance ministry announced. Initial pricing for the bonds is indicated at around 9.75% and 10.50%, marking the country’s first Eurobond issuance since 2022.
The offering is part of a broader $6 billion borrowing programme aimed at meeting Angola’s $14.9 billion funding requirements for 2025. The sale comes as the country faces key debt obligations, including an $864 million bond due in November and a $1 billion total return swap with JPMorgan maturing in December.
Citi, Deutsche Bank, JPMorgan, and Standard Chartered are serving as joint lead managers on the deal. Analysts view Angola’s return to the Eurobond market as a sign of renewed investor confidence in African sovereign debt, with spreads over U.S. Treasuries narrowing to their lowest levels since 2019 amid easing global interest rates.
Other African nations, including Nigeria, South Africa, and the Democratic Republic of Congo, are reportedly considering Eurobond issuances in the near term, reflecting a broader trend of renewed market access for the continent. The successful execution of Angola’s bonds will be closely watched, given its fiscal pressures and the importance of external financing for the country’s 2025 budget.
