Domestic bonds: Angola, TB 4may2020 12m
BE04I20A, AOUGDBEI19A4

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Issue information

Profile

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.

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Issuer

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Angola
Full issuer name

Republic of Angola
Sector

sovereign

Volume

Amount

10,001,167,000 AOA
Outstanding amount

10,001,167,000 AOA

Nominal

Nominal

1,000 AOA
Outstanding face value

*** AOA
Par amount, integral multiple

*** AOA

Cash flow parameters

Reference rate

***
Coupon Rate

***
Day count fraction

***
Interest Accrual Date

***

Coupon frequency

*** time(s) per year
Payment currency

***
Delay days

*** days
Maturity date

***
Early redemption date

***

Cash flow

Early redemption terms

***

DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS

High performance interface for global bond market screening
Full information on close to 500,000 bonds from 180 countries
100% coverage of Eurobonds worldwide
Over 300 primary sources of prices
Ratings data from all international and local ratings agencies
Stock market data from 100 world trading floors
Intuitive, high speed user interface
Data access via the website, mobile application and add-in for Microsoft Excel

Placement

Placement method

Open subscription
Placement type

Public
Order book

*** (***) - *** (***)
Coupon (Yield) Guidance

***% - ***% (*** - ***%)
Issuer rating on issue date (M/S&P/F)

*** / *** / ***
Placement

*** - ***
Initial issue price (yield)

(***%)
Bids

*** AOA
Number of bids

***
Geographic breakdown

***
Investor breakdown

***
Listing

***

Conversion and exchange

Convertion date

***
Initial premium

***%
Convertible until

***
Lock-up

*** days
Conversion terms

***

Additional information

***

Latest issues

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News

09/09/2020	Moody's Investors Service downgrades LT- foreign currency credit rating of Angola to "Caa1"; outlook stable
09/09/2020	Moody's Investors Service downgrades LT- local currency credit rating of Angola to "Caa1"; outlook stable
07/09/2020	Fitch Ratings downgrades LT Int. Scale (foreign curr.) credit rating of Angola to "CCC"
07/09/2020	Fitch Ratings downgrades LT Int. Scale (local curr.) credit rating of Angola to "CCC"
30/03/2020	S&P Global Ratings downgrades Local Currency LT credit rating of Angola to "CCC+"; outlook stable

All organization news

Identifiers

State registration number

BE04I20A
Registration

***
Date of program registration

***
ISIN

AOUGDBEI19A4
CUSIP

***
CUSIP 144A

***
CFI

DBZTFB
FIGI

BBG00P4MW390
Ticker

ANGTB 0 05/04/20 364D
Type of security by CBR

***

Ratings

Do not show withdrawn ratings

Bond classification

Zero-coupon bonds
Bills
Bearer
Amortization
Callable
CDO
Convertible
Dual currency bonds
Floating rate
For qualified investors (CIS region)
Foreign bonds
Green bonds
Indexed
Supranational bond issues
Mortgage bonds
Perpetual
Payment-in-kind
Non-Marketable Securities
Redemption Linked
Restructuring
Retail bonds
Covered
Securitization
Structured product
Subordinated
Sukuk
Trace-eligible