Angola is making a strong return to international bond markets after a three-year absence, aiming to raise $1.5 billion, according to the Ministry of Finance. The planned issuance comes as several African nations take advantage of the most favorable borrowing conditions in six years.
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The southern African nation plans to issue two U.S. dollar-denominated Eurobonds — a five-year note maturing in January 2031 and a ten-year note maturing in October 2035 — with initial yields of around 9.75% and 10.50%, respectively.
This transaction is part of Angola’s 2025 financing plan, which aims to raise $6 billion through debt instruments to meet total funding needs estimated at $14.9 billion. The issuance comes as Angola faces a $864 million bond repayment in November and the expiration of a $1 billion total return swap with JPMorgan in December.
Angola’s 2032 Eurobond was yielding 9.86% on Tuesday, close to its lowest level since February 2023. Citi, Deutsche Bank, JPMorgan, and Standard Chartered are acting as joint lead managers for the deal.
The move reflects a renewed appetite for African sovereign debt, as the yield spread between African government bonds and U.S. Treasuries has narrowed to its tightest level since 2019, according to the JPMorgan Africa NexGem Index.
A combination of fiscal reforms, credit rating upgrades, and a global search for yield continues to fuel this momentum. Countries such as Nigeria, the Democratic Republic of Congo, and South Africa are also expected to return to the Eurobond market in the coming months.
