Norton Rose Fulbright advises Angola on multi-billion dollar debt programme, bond and tender offer

EMEA Press release - Business April 2022

Global law firm Norton Rose Fulbright has advised the Republic of Angola on its London-listed multi-billion dollar Global Medium Term Note programme for the issue of its international sovereign debt, as well as its US$1.75bn international bond issue and related strategic tender offer for outstanding sovereign debt.  

The Republic of Angola issued US$1.75bn 10-year bonds with a coupon of 8.75%, admitted to trading on the regulated market of the London Stock Exchange. The bond proceeds were used in part to repurchase outstanding short-dated high-coupon sovereign bonds via a tender offer, with the remainder of the new bond proceeds used for national budgetary support. 

Citi and Deutsche Bank acted as global coordinators on the international bond offer and as dealer-managers on the related tender offer. Citi also acted as the tender agent.

Peter Young, partner at Norton Rose Fulbright, said: “This transaction marks the highly successful return to the sovereign eurobond markets by Angola after 2 years and was consummated in highly volatile market conditions, demonstrating outstanding interest in Angola and its economic reform programme from the international investment community, particularly in the United States and London. Its success demonstrates the progress made in Angola under President Lourenço, which includes significant improvement in Angola’s macroeconomic policy achieved via fiscal and monetary policy reforms; the introduction of extensive anti-corruption and good governance measures; the upgrade of Angola’s rating to B- (Fitch and S&P) and B3 (Moody’s); and higher oil prices. 

“The new bond offer was heavily over-subscribed, a credit to the Ministry of Finance team headed by Mrs Vera Esperança Daves de Sousa. It also reflects a trend of increased confidence returning to the emerging markets for sovereigns accessing global debt capital markets to achieve long-term international investment.”
The work was carried out by Norton Rose Fulbright’s capital markets team in London, led by partners Peter Young and Madhavi Gosavi, which included counsel Vishal Mawkin, associates Miguel Torres Caro and Salvador Mele Mazza, and trainees Matt Scott and Bethanne Jones. Support was also provided by senior counsel Kevin Prokup, from the tax team in New York. 

Norton Rose Fulbright previously advised Angola on its inaugural (US$1.5bn) international bond issuance in 2015 and its US$3.5bn bonds issued in May 2018, which was one of the largest sovereign bond issues in sub-Saharan Africa and included the first-ever issue of 30 year bonds by Angola. The firm also advised on the inaugural establishment of Angola’s GMTN programme in 2019 and the issue of US$3bn bonds as part of this. 

For further information please contact:

Katie Mark, Senior Public Relations Manager

Tel: +44 20 7444 2498  


Head of Banking and Finance, EMEA