Norton Rose Fulbright advises Angola on first international global debt issuance program and US$3 billion dual-tranche international sovereign bond

Global law firm Norton Rose Fulbright has advised The Republic of Angola on the establishment of a London-listed Global Medium Term Note program for the issue of its international sovereign debt, as well as its US$3bn dual-tranche international bond issue.

The Republic of Angola issued US$1.75bn 10-year bonds with a coupon of 8 percent, and US$1.25bn 30-year bonds with a coupon of 9.125 percent, both of which have been admitted to trading on the regulated market of the London Stock Exchange.

Deutsche Bank and Standard Chartered Bank acted as Global Coordinators and, together with ICBC, as Joint Lead Managers.

The London-based team was led by debt capital markets partner Peter Young and finance partner Madhavi Gosavi. Peter Young comments:

“This offering attracted strong interest from high quality investors, particularly in the United States and London, resulting in investor orders totalling US$8.4bn. It is a credit to the roadshow team headed by Angola’s newly appointed Minister of Finance, Mrs. Vera Esperança Daves de Sousa. The success of the offering also demonstrates the continued confidence of the international investment community in Angola’s sovereign bonds and its economic reform agenda. We were honored to advise Angola on this transaction, its first international global debt issuance program and its third international sovereign bond issue.”

Madhavi Gosavi comments:

“We are delighted to advise Angola once again on its international bond offering, having worked with the Angolan Government for over 40 years. Following the election of President Lourenço in August 2017, the success of this transaction reaffirms Angola’s high standing in the international capital markets and the Government’s extensive economic reform agenda.”

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

The team, led by Peter Young and Madhavi Gosavi, included Vishal Mawkin, Ade Olunowo and Jennifer Carr (London) and Richard J. Wright (New York - tax).