Angola Eyes $1.7 Billion Bond as Africa Issuer Pipeline Grows

Angola is weighing plans to issue a $1.7 billion bond on international capital markets this year, joining a list of prospective issuers across the continent from Kenya to the Democratic Republic of Congo.

The third-largest oil producer in Africa needs $16 billion in extra financing this year, according to the Angolan government. It plans to raise $8.4 billion through external funding sources, with the rest to be mobilized through domestic sources, according to a debt borrowing plan unveiled Tuesday by the finance ministry.