Angola seeks eurobond offering to raise $2bn, to lengthen its maturities
Luanda — Angola is in talks with banks to raise $2bn via a eurobond offering in what would be the Opec member’s biggest debt sale on global capital markets. The government has yet to choose banks to lead the deal and media reports that Russia’s VTB Bank has the mandate are false, the finance ministry said in an e-mailed statement. The eurobond issuance was approved by a presidential order on August 4 and will help Angola lengthen its maturities, as well as make it easier for other borrowers from the country to tap the market, according to the statement. "This process has several strategic objectives, namely the extension of the debt profile and the creation of a reference price for national agents," the finance ministry said in the statement. Africa’s second-largest crude exporter is in its worst economic crisis since ending a civil war in 2002 and the eurobond announcement came three days after the ruling MPLA party won August 23 elections. President Jose Eduardo dos Santos is step...
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