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Funding issuanceAngolaVerified brief

Angola prices $2.5bn dual-tranche Eurobond on strong demand

On March 25, 2026 Angola priced a dual-tranche $2.5 billion Eurobond offering (seven- and 11-year tranches) after about $5.2 billion of investor demand, with coupons of 9.25% (7y) and 9.8% (11y). The sale funded part of the 2026 budget and accompanied buyback offers for 2028 notes.

MSA Market DeskEvent 25 March 2026Reviewed 2 min read

The desk brief

On March 25, 2026 Angola priced a dual-tranche $2.5 billion Eurobond offering (seven- and 11-year tranches) after about $5.2 billion of investor demand, with coupons of 9.25% (7y) and 9.8% (11y). The sale funded part of the 2026 budget and accompanied buyback offers for 2028 notes.

The transaction tightens Angola's long-end USD sovereign curve by increasing outstanding liquid benchmark supply at yields set by the new coupons; stronger oil receipts and geopolitical-driven oil-price moves were cited as the demand driver. Higher benchmark yields could still move prices independently of Angola spread dynamics; this issuance reduces near-term refinancing pressure but does not alter credit ratings immediately.

Monitor secondary trading and spread moves on the 2026 issuance and the 2028 buyback results over coming days.

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Price Discovery

Angola sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

9 priced bonds
11.32%10.05%8.77%7.49%6.22%20282033203920442049Angola 28 · May 2028 · 6.894%Angola 29 · Nov 2029 · 8.113%Angola 31 · Jan 2031 · 8.857%Angola 32 · Apr 2032 · 9.298%Angola 33 · Mar 2033 · 9.678%Angola 35 · Oct 2035 · 9.906%Angola 37 · Mar 2037 · 10.168%Angola 48 · May 2048 · 10.598%Angola 49 · Nov 2049 · 10.646%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Angola 28May 2028101.9386.894%
  • Angola 29Nov 202999.6888.113%
  • Angola 31Jan 2031101.3138.857%
  • Angola 32Apr 203297.6889.298%
  • Angola 33Mar 203398.5639.678%
  • Angola 35Oct 203599.8139.906%
  • Angola 37Mar 203798.12510.168%
  • Angola 48May 204889.68810.598%
  • Angola 49Nov 204987.00010.646%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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