Angola Launches $750M Eurobond Buyback and Issues New Bonds to Extend Debt Maturities to 2031–2037
Angola has announced the results of its tender offer for its 2028 and 2029 Eurobonds, confirming plans to repurchase part of its outstanding debt while issuing new longer-dated bonds to ease near-term fiscal pressures.
Under the transaction, the government will pay bondholders approximately $750 million to buy back portions of its external debt.
The Southern African oil producer had invited holders of $1.75 billion in 8.25% notes due in 2028 and $1.75 billion in 8% notes due in 2029 to participate in the repurchase offer ahead of maturity.
To finance the operation, Angola issued $1.5 billion in new Eurobonds, which were added to its existing 2031 and 2037 debt series, carrying coupon rates of 9.244% and 9.875%, respectively. The transaction was arranged by Deutsche Bank and J.P. Morgan.
The debt restructuring reflects Angola’s broader strategy to extend its repayment profile and manage liquidity risks more effectively, taking advantage of improved conditions in global oil markets.
Angola’s move mirrors a wider trend among African oil-producing economies. Last week, the Republic of Congo repurchased a large portion of its 2032 international bonds and replaced them with new debt maturing in 2036 as part of efforts to lengthen its debt maturity profile.
Rising oil prices have provided several producing nations with greater fiscal flexibility, enabling governments to refinance existing obligations, reduce near-term repayment pressure, and extend debt maturities further into the future.
