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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 203 906 491 314 462
USD 4 6 000 000 000
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, 9.375% 8may2048, USD - International bonds XS1819680528 9.375% 1 750 000 000  USD 07/16/2018 05/08/2048
Angola, GB 6.04 14jun2020 - Domestic bonds 6.037338% 29 513 400 000  AOA 06/14/2018 06/14/2020
Angola, 8.25% 9may2028, USD - International bonds XS1819680288 8.25% 1 750 000 000  USD 05/02/2018 05/09/2028
Angola, OT-TXC 7.3 8jun2021 - Domestic bonds 7.3% 49 890 000  AOA 06/08/2017 06/08/2021
Angola, OT-TXC 7 6jun2020 - Domestic bonds 7% 13 887 410 000  AOA 06/06/2017 06/06/2020
Angola, OT-TXC 8.75 1jun2027 - Domestic bonds 8.75% 7 264 180 000  AOA 06/01/2017 06/01/2027
Angola, OT-TXC 8.25 1jun2025 - Domestic bonds 8.25% 10 897 930 000  AOA 06/01/2017 06/01/2025
Angola, OT-TXC 7 30may2020 - Domestic bonds 7% 3 165 450 000  AOA 05/30/2017 05/30/2020
Angola, OT-TXC 12.3 23may2020 - Domestic bonds 12.3% 4 000 000 000  AOA 05/23/2017 05/23/2020
Angola, OT-TXC 7 23may2020 - Domestic bonds 7% 11 594 170 000  AOA 05/23/2017 05/23/2020

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
Annual new issues of Angola sovereign international bonds, USD bln 0.000 0.000 1.500 0.000
Annual new issues of Angola corporate international bonds, USD bln 0.000 0.000 0.030 0.000
Annual new issues of Angola corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Angola corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.030 0.000

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of African International Bonds Markets
Angola international bonds, USD bln 5.280 5.280 5.280 5.343 4.843 4.843 1.905
Angola corporate international bonds, USD bln 0.030 0.030 0.030 0.030 0.030 0.030 0.030
Angola sovereign international bonds, USD bln 5.250 5.250 5.250 5.313 4.813 4.813 1.875
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Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/AOA 310.2904 310.2934 310.2989 310.3021 310.0412 310.0449 310.0842
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Macroeconomic Indicators (World economy)

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Angola) 21.60 18.56 19.01 19.52 19.84 20.22 20.90
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Angola) 65.10 38.00 36.50 34.70

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Angola, 7% 17aug2019, USD   USD 08/17/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.*
Angola, 9.5% 12nov2025, USD   USD 11/12/2025 05/18/2016 ** **.** 05/18/2016 **.* **.**
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