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Angola Delays Secondary Bond Market Start to First Quarter 2014

Angola, Africa’s second-largest oil producer, pushed back the start of its secondary market for bonds to the first quarter of next year.

“This is an estimation,” Archer Mangueira, the chairman of the country’s Capital Markets Commission, said in an interview today at the London Stock Exchange. “We might make some adjustments based on whether the legal instruments are fully developed and implemented, technological infrastructure is in place, and employees are trained.”

The publicly traded market for the Angolan notes had been planned to start by the end of September, Mangueira said last month. The market, which will use electronic trading, will add to Treasury bills already bought and sold among financial institutions and help develop a so-called yield curve, he said at the time.

Angola, which is seeking to boost foreign investment after a 27-year civil war that ended in 2002, forecasts economic growth of 7.1 percent this year from 7.4 percent in 2012. Crude accounts for three-quarters of budget revenue, according to the International Monetary Fund. The formerly Marxist nation ranks 157th out of 176 countries on Transparency International’s 2012 Corruption Perceptions Index.

Angola sold $1 billion of dollar bonds maturing in 2019 at a yield of 7 percent in August 2012, according to data compiled by Bloomberg. After the bonds rallied last year, yields on the notes have since risen 134 basis points, or 1.34 percentage points, this year to 6.427 percent.

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