Angola Becomes Second African Nation to Sell Eurobonds Since War
- The 10-year debt sale was more than two times oversubscribed
- Angola plans to use the proceeds to buy back outstanding debt
This article is for subscribers only.
Angola raised $1.75 billion in overseas debt, becoming the second African nation to tap the Eurobond market since the start of the war in Ukraine.
The 10-year debt offering, the first since 2018, was priced to yield 8.75%, less than the initial guidance, and was more than two-times oversubscribed. The sale came after the nation, Africa’s second-biggest oil producer, completed a program with the International Monetary Fund last year and its economy recovers from a recession on the back of higher crude prices.