Luanda, March 25, 2026 (Lusa) - Angola has raised $2.5 billion (€2.1 billion) in foreign currency on international markets, with maturities of seven and 11 years, the minister of state for economic coordination announced on Wednesday.
Following a cabinet meeting, José de Lima Massano highlighted the "very favourable rates" and noted this was the first sovereign debt issuance by emerging countries since the Middle East conflict began.
The issuance consisted of two tranches, according to a finance ministry statement: one for $1.5 billion (€1.2 billion) with a 9.25% rate and seven-year maturity, and another for $1 billion (€862.87 million) at 9.8% with an 11-year maturity.
The minister emphasised that Angola managed to lower interest rates compared to previous issues.
"It is also a relevant because, even for bonds traded on the international market, Angola is one of the few countries that managed lower interest rates after the conflict than those it had previously," he said.
Investors from the United Kingdom and the United States participated, with the latter providing the largest share of resources for these Eurobonds, Massano said.
"It was an important issuance for several reasons, but primarily because it was the first by emerging countries since the conflict broke out in the Middle East," the minister said.
He added that demand significantly exceeded supply and the issue took place "in a context of great uncertainty and strong volatility in international markets," exceeding initial expectations.
"We went to the markets seeking to mobilise $2 billion (€1.7 billion) and demand was around $5.2 billion (€4.4 billion), which meant we ended up with $2.5 billion," he said.
Massano described it as a "historic operation" as it was one of the largest single-day issues by a sub-Saharan African country, surpassed only by South Africa and Nigeria.
"It also shows a strong sign of confidence from these international investors in our economy's progress," he said.
The minister said the mobilised resources were for programmes in the 2026 state budget and would also address the "strong concern" of paying arrears to state service providers.
"We still have a considerable volume of payment orders to regularise within 90 days, which is our deadline. This gives us peace of mind, and we want to convey that to those who provide services to Angola's government," he said.
Angola began issuing Eurobond debt in 2015 with a $1.5 billion issue. In 2018, it strengthened its position with two operations: one of $1.75 billion with an 8.25% coupon, and a second worth $1.25 billion with a 9.38% coupon and longer maturities, according to finance ministry data.
Between 2019 and 2021, the country adopted a more structured debt approach, with a medium-term strategy and issuances totalling $3.5 billion.
From 2022 to 2024, the government focused on active debt management, including a 2022 issuance and buyback operations. In 2025, the Palanca VIII issuance marked Angola's return to the markets after three years "with strong international demand, consolidating investor confidence and the country's position as a credible issuer," the statement said.
Angola expects to raise 7.93 billion kwanzas (€7.3 billion) in external financing and 7.11 billion kwanzas (€6.5 billion) domestically this year.
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