The sovereign bond issue has raised USD 2.5 billion, with the central African country also issuing a tender offer for existing debt.<\/p>\n
Angola has concluded the issue of sovereign bonds, while also executing a tender offer for outstanding sovereign debt, raising a total USD 2.5 billion.<\/p>\n
International law firm Norton Rose Fulbright (NRF) acted as legal counsel on the deal to Angola, while Citi, Deutsche Bank, JPMorgan and Standard Chartered Bank acted not only as joint-lead managers on the international bond offering, but also as dealer-managers on the associated tender offer. Citi acted as the tender agent.<\/p>\n
Angola\u2019s Minister of State for Economic Coordination, Jos\u00e9 de Lima Massano, announced on 25 March that the issuance, projected to raise only USD 2 billion, exceeded expectations by raising USD 2.5 billion due to strong investor demand.<\/p>\n
The issuance was split into two tranches, the first raising USD 1.5 billion at a 9.25% interest rate with a seven-year duration, with the second tranche worth USD 1 billion at 9.8% having an 11-year duration.<\/p>\n
The government employed part of the proceeds to repurchase previously issued sovereign bonds maturing in 2028, with the remainder of the cash earmarked to fund commitments detailed in the 2026 budget, and to pay off current financial liabilities.<\/p>\n
In a statement, Lima Massano stated [ALB\u2019s translation]: \u201cAngola deserves recognition for presenting itself to the markets and succeeding in mobilising resources above what was anticipated,\u201d while the lead NRF partner on the transaction, Peter Young said: \u201cThis successful and heavily oversubscribed dual\u2011tranche issuance was executed in challenging global market conditions and reflects Angola\u2019s continued ability to access the international capital markets. The deal, which represents an important step in its broader financing strategy, attracted a broad and diversified international investor base and enabled Angola to address multiple points on its yield curve.\u201d<\/p>\n
NRF\u2019s Young headed a London-based transactional lawyer team acting for Angola, which included counsel Julian Walley, senior associate Dionysis Diamantatos, and trainees Natalia Oughton and Patrick Mulholland.<\/p>\n