Angola to issue €768 million eurobond
The Angolan government is to issue a $1 billion (€768 million) eurobond this year, it has been revealed.The Angolan government is to issue a $1 billion (€768 million) eurobond this year, it has been revealed.
"The country might want to diversify their financing options or fund long-term infrastructure projects and not necessarily from their reserves,” said Stephen Charangwa, fixed income portfolio manager at Silk Invest in London, quoted by the Globe and Mail.
The news source adds that the Angolan government plans to increase spending by 26 per cent this year to help diversify the economy after years of civil war and reduce the country's dependency on oil.
Last year, Angola also raised $1billion in a private placement of seven-year paper via a Russian bank, according to Agence Ecofin
Other African countries are looking to emulate Angola's example, with Kenya planning to sell a debut $1-billion eurobond in September and Nigeria planning its second issuance.