Norton Rose Fulbright advises Republic of Angola on US$1.5bn debut bond issue

Pakistan Business November 12, 2015

Largest inaugural issuance by a non-investment grade Sub-Saharan African sovereign

Global law firm Norton Rose Fulbright has advised the Republic of Angola on its US$1.5bn bond issue. The transaction represents Angola’s debut international bond issuance and is the largest inaugural bond issue by a non-investment grade Sub-Saharan African sovereign to date.

The 9.5 per cent Notes are due in 2025 and are offered under Rule144A and Regulation S of the US Securities Act of 1933.

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

“Angola’s landmark bond issue puts the country on the world stage with access to the global investment community. It marks the continuation of a trend in emerging market sovereign bond issuances as countries see the global debt capital markets as a viable platform to achieve longer term international investment.”

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

“We have worked with the Angolan Government for over 30 years and we were delighted to support the country on its debut international bond issue. This will allow Angola access to investment to support its national development plan and achieve a greater diversification of sectors.”

The team advising on the transaction was led by London partners Peter Young and Madhavi Gosavi, and included senior associates Ann Vesely and Matthew Longstaff, and associate Tudor Plapcianu.

The joint lead managers were Deutsche Bank, Goldman Sachs International and ICBC and were advised by White & Case.

This is one of a number of sovereign bond issuances Norton Rose Fulbright’s global debt capital markets practice has advised on including, most recently, the Government of Pakistan’s $500m issue in October 2015. This followed its $1bn sukuk and $2bn bond issues in 2014 on which the team also advised.

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Notes for editors:

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