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Angola: bonds

Having come from a period civil unrest about a decade ago, Angola is still very much on its recovery path. Angola has continued to record the most impressive economic growth within the continent averaging at 15% between 2002 and 2010. However, despite all the gains made by Angola during its economic boom, money and capital instruments remain inaccessible to many with the non-existence of a stock exchange market.
The country has 18 commercial banks of which two are privately owned and three are state run. Only 10% of the population use banking facilities and few businesses apply for loans as current conditions are not conducive to lending.
The slow growth of the bond market in Angola is further suppressed by the lack of a stock exchange which could provide the much needed infrastructure to propel growth in the domestic money markets. However, there have been efforts to establish a stock exchange in Angola. The legal and regulatory framework has been put in place for the opening of the stock exchange. The national stock exchange will be referred to as the Bolsa de volaros e derivatives de Angola (BVDA). It will be regulated by the Capital Markets Commission, which will also regulate financial service providers such as brokers, traders, and mutual fund managers.
In a bid to manage the country’s debt and reduce its budget deficit, Angola was set to issue its first sovereign bond worth $4 billion in May 2010. Unfortunately this was not realised. The country’s high dependence on oil revenue, which has been perceived as highly risky by foreign investor, was attributed to the postponement of the bond issue. However, it is worthwhile to note that the government has put in place fiscal adjustment measures which have already made noticeable change with the reduction of public debt from USD 13.9 billion in 2008 to USD 12.7 billion in 2010.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
AOA 434 8 010 794 996 280
USD 3 5 000 000 000
corporate
USD 1 30 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Angola, TB 3aug2020 12m - Domestic bonds AOUGDBEG19A8 0% 434 486 000  AOA 08/05/2019 08/03/2020
Angola, OT-TXC 5.25 30may2025 - Domestic bonds 5.25% 1 603 899 090  AOA 05/30/2019 05/30/2025
Angola, TB 4may2020 12m - Domestic bonds AOUGDBEI19A4 0% 10 001 167 000  AOA 05/06/2019 05/04/2020
Angola, OT-TXC 5 15mar2024 - Domestic bonds 5% 41 999 824 131  AOA 03/15/2019 03/15/2024
Angola, TB 10feb2020 12m - Domestic bonds AOUGDBEF19A0 0% 12 831 479 000  AOA 02/11/2019 02/10/2020
Angola, OT-TXC 12 28dec2020 - Domestic bonds AOUGDOFD18E9 12% 5 873 400 000  AOA 12/28/2018 12/28/2020
Angola, OT-TXC 12 28dec2021 - Domestic bonds AOUGDOGD18H0 12% 6 099 900 000  AOA 12/28/2018 12/28/2021
Angola, OT-TXC 12 28dec2022 - Domestic bonds AOUGDOHD18J4 12% 7 768 300 000  AOA 12/28/2018 12/28/2022
Angola, OT-TXC 12 28dec2023 - Domestic bonds AOUGDOID18H6 12% 3 537 300 000  AOA 12/28/2018 12/28/2023
Angola, OT-TXC 12 27dec2022 - Domestic bonds AOUGDOHD18I6 12% 13 268 200 000  AOA 12/27/2018 12/27/2022

Forex

Daily indices

Type: 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019
FOREX rates
[12641] USD/AOA 442.4556 426.6134 413.8207 409.2384 399.6181 392.0279 386.8125
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Africa)
[15137] Government Debt to GDP(Angola) 80.50 65.10 38.00 36.50 34.70

International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Africa international bonds outstanding volume
[21767] Angola international bonds, USD bln 5.030 5.030 5.093 5.093 5.093 5.155 5.155
[21813] Angola corporate international bonds, USD bln 0.030 0.030 0.030 0.030 0.030 0.030 0.030
[21859] Angola sovereign international bonds, USD bln 5.000 5.000 5.063 5.063 5.063 5.125 5.125
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Dec 2018 Nov 2018
Inflation (Africa)
[15475] Inflation Rate (Angola) 17.50 17.24 16.94 17.14 17.36 18.21 17.77
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19801] Annual new issues of Angola sovereign international bonds, USD bln 3.500 0.000 0.000 1.500 0.000
[19847] Annual new issues of Angola corporate international bonds, USD bln 0.000 0.000 0.000 0.030 0.000
[19893] Annual new issues of Angola corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000
[19939] Annual new issues of Angola corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.030 0.000
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