• Angola returns to markets with $1.5B Eurobond issuance

• Bonds target refinancing, part of $6B 2025 financing plan

• New debt priced near 10%; previous Eurobond issued in 2022

Angola returned to international bond markets on Tuesday, Oct. 7, 2025, with a Eurobond issue aimed partly at refinancing debt maturing in November 2025.

The Southern African oil producer is looking to take advantage of improved market conditions to raise $1.5 billion through U.S. dollar-denominated bonds with five- and ten-year maturities, the Finance Ministry said.

The bonds are due in January 2030 and October 2035, respectively, with initial price guidance around 9.75% and 10.50%, according to the ministry.

The issuance, led by Citigroup, Deutsche Bank, JPMorgan, and Standard Chartered, is part of the government’s broader budget financing plan, which targets about $6 billion in borrowing through various debt instruments to meet total financing needs of $14.9 billion. The sale will also help repay $864 million of existing bonds maturing next month.

S&P Global Ratings currently assigns Angola’s long-term foreign-currency debt a B- rating with a stable outlook.

Luanda last tapped international bond markets in April 2022, when it raised $1.75 billion at a yield of 8.75% through a ten-year Eurobond, an offering also managed by Citigroup and Deutsche Bank.

Walid Kéfi