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Funding issuanceAngolaDeveloping story

Angola completes dual‑tranche US$2.5bn eurobond and related tender offer

On 2 April 2026 Angola completed a dual‑tranche US$2.5 billion sovereign bond issuance and a concurrent strategic tender offer, with the new bonds admitted to trading on the London Stock Exchange. Proceeds were used partly to repurchase outstanding 2028 debt and to provide budgetary support.

MSA Market DeskEvent 2 April 2026Reviewed 1 min read

The desk brief

On 2 April 2026 Angola completed a dual‑tranche US$2.5 billion sovereign bond issuance and a concurrent strategic tender offer, with the new bonds admitted to trading on the London Stock Exchange. Proceeds were used partly to repurchase outstanding 2028 debt and to provide budgetary support.

The dual‑tranche issuance and tender directly alter Angola's external debt profile by pushing out maturities and reducing near‑term 2028 redemptions through repurchases. Depending on tranche coupons and investor composition, this can lower rollover pressure on the sovereign curve and compress near‑dated spreads; timing and any follow‑on issuance under the 2026 debt strategy will shape further repricing.

Monitor settlement details of the 2028 tender and progress on the 2026 debt strategy's planned ~US$1.7bn international issuance.

Sources & verification

Developing story

Further independent confirmation is required.

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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
10.94%9.75%8.56%7.37%6.18%20282033203920442049Angola 28 · May 2028 · 6.808%Angola 29 · Nov 2029 · 7.716%Angola 31 · Jan 2031 · 8.637%Angola 32 · Apr 2032 · 8.924%Angola 33 · Mar 2033 · 9.291%Angola 35 · Oct 2035 · 9.639%Angola 37 · Mar 2037 · 9.871%Angola 48 · May 2048 · 10.274%Angola 49 · Nov 2049 · 10.311%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Angola 28May 2028102.0006.808%
  • Angola 29Nov 2029100.7507.716%
  • Angola 31Jan 2031102.0638.637%
  • Angola 32Apr 203299.2508.924%
  • Angola 33Mar 2033100.3759.291%
  • Angola 35Oct 2035101.3759.639%
  • Angola 37Mar 2037100.0009.871%
  • Angola 48May 204892.25010.274%
  • Angola 49Nov 204989.62510.311%

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

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