Norton Rose Fulbright advises on one of the largest sovereign bonds ever issued in Sub-Saharan Africa

Global law firm Norton Rose Fulbright has advised The Republic of Angola on its second international bond issuance totalling US$3 billion, constituting one of the largest sovereign bonds ever issued in Sub-Saharan Africa.

The transaction entailed the issuance of US$1.75 billion 10-year bonds with a coupon of 8.25 per cent, and US$1.25 billion 30-year bonds with a coupon of 9.375 per cent, which have been admitted to trading on the regulated market of the London Stock Exchange.

Peter Young, debt capital markets partner, Norton Rose Fulbright, comments:

“The very high level of investor interest in these issuances demonstrates the confidence of the international investment community in Angola’s sovereign bonds. For the first time, Angola issued 30 year bonds and, in doing so, joined South Africa and Nigeria as the only sub-Saharan African countries to do so.

“We continue to see a trend of emerging market sovereigns, particularly in Sub-Saharan Africa, accessing the global debt capital markets to achieve longer term international investment.”

Madhavi Gosavi, finance partner, Norton Rose Fulbright, comments:

“We are pleased to assist Angola once again on this international bond offering, having worked with the Angolan Government for over 30 years. Following the election of President Lourenço in August 2017, the success of this transaction will further enable Angola to achieve its strategic goals in line with its ongoing macroeconomic stabilization programme and national development plans.

“The interest shown by investors from the United States, Europe and Asia resulted in over 500 orders (totalling US$9 billion) to buy Angolan bonds, which is a credit to the roadshow team headed by the Minister of Finance, the Secretary of State for Petroleum, the Chairman of the Board of Directors of Sonangol, and senior staff of the Ministry of Finance, National Bank of Angola and Sonangol.”

The team advising on the transaction was led by London partners Peter Young and Madhavi Gosavi, and included Vishal Mawkin, Tudor Plapcianu and Tomisin Mosuro.

This is one of a number of sovereign bond issuances Norton Rose Fulbright’s global debt capital markets practice has advised on, including Angola’s first international bond issuance in 2015.

The firm’s London debt capital markets practice has also advised: the Islamic Republic of Pakistan on a total of US$7 billion sovereign sukuk and Eurobond issuances since 2014; the Kingdom of Bahrain on a total of US$2.6 billion sovereign sukuk and Eurobond issuances since 2016; Canadian sovereign issuers in respect of a total of US$7.5 billion in 2017; and Her Majesty’s Right of Canada on its US$10 billion MTN programme.

For further information please contact:

Meeta Campanaro, Senior Public Relations Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595886276
meeta.campanaro@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright

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