• Angola raises $2.5 billion through dual-tranche Eurobond issuance

• Bonds priced at 9.25% (7-year) and 9.8% (11-year)

• Strong demand reaches $5.2 billion, exceeding initial $2 billion target

Angola raised $2.5 billion via a new Eurobond issuance, State Minister for Economic Coordination José de Lima Massano said on Wednesday.

The operation was structured in two tranches. The first, worth $1.5 billion, carries a 9.25% interest rate with a seven-year maturity, while the second is worth $1 billion at 9.8% with an 11-year maturity.

Speaking after a cabinet meeting, Massano said Angola had secured "very advantageous" interest rates, lower than in previous issuances, despite an international environment marked by ongoing conflict in the Middle East.

The oil-exporting country benefited from higher energy prices linked to tensions involving Iran. Geopolitical tensions and supply concerns related to the Strait of Hormuz have pushed crude prices above $100 a barrel in recent weeks. Massano also reported strong investor demand for the offering.

"We went to market with the aim of raising $2 billion, but demand reached around $5.2 billion [...] and we ultimately raised $2.5 billion," he said, calling the operation "historic" and citing "strong confidence from international investors in Angola's economic progress."

Massano said the funds will help finance the 2026 state budget and address what he described as urgent arrears owed to public service providers.

Angola last tapped international bond markets in October 2025, raising $1.75 billion, part of which was used to repay bonds maturing in November 2025. Angola's long-term foreign currency issuances are rated "B-" with a stable outlook by S&P Global Ratings.

Walid Kéfi