Angola returns to capital markets with Eurobond as borrowing conditions improve
Angola launches US$3bn bond offering
9:19 CAT | 02 May 2018
The Republic of Angola has set final terms on a dual-tranche US$3bn bond transaction, according to a lead.
The sovereign has launched US$1.75bn 10-year notes at 8.25%. The May 2028s were marketed initially at 8.50% area, before pricing was revised to 8.25%-8.375%.
A US$1.25bn 30-year tranche has launched at 9.375%. The May 2048s were initially marketed at 9.625% area, and final guidance was set at 9.375%-9.50%.
The order books are over US$9bn, with a skew to the 10-year.
The trade is expected to price today, via Deutsche Bank, Goldman Sachs and ICBC. Angola is rated B3 by Moody’s and B by Fitch.
Source: Reuters
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