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Domestic bonds: Angola, BT 0% 25oct2019, AOA (364D)
BE25O19A, AOUGDBEO18D8

  • Placement amount
    28,149,005,000 AOA
  • Outstanding amount
    28,149,005,000 AOA
  • Denomination
    1,000 AOA
  • ISIN
    AOUGDBEO18D8
  • CFI
    DBZTFB

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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% ...
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 borrower / issuer name
    Angola
  • Sector
    Sovereign
Volume
  • Placement amount
    28,149,005,000 AOA
  • Outstanding amount
    28,149,005,000 AOA
Nominal
  • Nominal
    1,000 AOA
  • Outstanding face value
    *** AOA

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count fraction
    ***
  • Interest Accrual Date
    ***
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

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Early redemption terms

***

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    *** - ***
  • Initial issue price (yield)
    (***%)
  • Geographic breakdown
    ***
  • Investor breakdown
    ***

Conversion and exchange

  • Conversion terms
    ***

Additional information

***

Latest issues

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News

08/08/2022 S&P Global Ratings affirms Angola at "B-" (Foreign Currency LT credit rating); outlook stable
08/08/2022 S&P Global Ratings affirms Angola at "B-" (Local Currency LT credit rating); outlook stable
18/07/2022 Fitch Ratings revised outlook on Angola to positive and affirmed at "B-" (LT Int. Scale (foreign curr.)) credit rating
18/07/2022 Fitch Ratings revised outlook on Angola to positive and affirmed at "B-" (LT Int. Scale (local curr.)) credit rating
16/07/2022 Fitch Revises Angola's Outlook to Positive; Affirms at 'B-' (Rating action commentary)
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Identifiers

  • State registration number
    BE25O19A
  • ISIN
    AOUGDBEO18D8
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • CFI
    DBZTFB
  • Type of security by CBR
    ***

Ratings

Bond classification

  • Zero-coupon bonds
  • Bearer
  • BT
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Sukuk
  • Trace-eligible
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Restructuring

***

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