Angola completes $750m buyback of 2028/2029 bonds and issues $1.5bn into 2031/2037

On May 28, 2026 Angola announced it would pay $750 million to buy back portions of its 2028 and 2029 Eurobonds and funded the operation by selling $1.5 billion of new bonds consolidated into existing series maturing in 2031 and 2037, priced at coupons of 9.244% and 9.875% respectively.

The buyback trims near-term rollover risk by reducing outstanding 2028/2029 principal and shifts some obligations to longer-dated 2031/2037 instruments, which should improve cash‑flow timing for the sovereign and create clearer long‑dated benchmarks for investors. Market impact depends on secondary market absorption of the new benchmark sizes and whether spreads tighten to reflect lower short‑term rollover exposure.

Monitor secondary market trading and spread moves on Angola 2031/2037, and any detailed tender acceptance/reconciliation notices from the finance ministry or lead managers.