Republic of Angola $1.5 billion sovereign bond issue

Overview:

• The Republic of Angola has made a $1.5 billion inaugural sovereign bond issue with a yield of 9.5%.
• The notes are due in 2025, and were offered to US investors through Rule 144A and to investors outside of the US under Rule S.
• This was the largest ever inaugural bond issue by a non-investment grade, Sub-Saharan sovereign when announced.
• The joint lead managers were Goldman Sachs, Deutsche Bank, and ICBC.

John Crabb - Journalist