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Vol 56 No 20

Published 9th October 2015


Luanda seeks Eurobond lifeline

Plans to raise up to $1.5 billion from a bond issue are being revived in the hope of making up the drastic shortfall in government revenue

The government's top finance officials are set to launch an international roadshow to promote its long-delayed and much-anticipated first Eurobond issue, at US$1.5 billion, Africa Confidential has learned. The Minister of Finance, Armando Manuel, and the Governor of the Banco Nacional de Angola (the central bank), José Pedro de Morais, are in the delegation which is expected to leave Luanda for London, New York and Boston in the next few weeks, financial sources in Luanda said. Appetite for the Eurobond is likely to depend on the delegation's ability to convince investors of the country's longer-term economic prospects. The delegation starts its tour hoping to offer a yield of below 8% with a maturity of ten years, but they may well be forced to offer more, given a drastic economic situation, one insider noted.

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