23-10-2015 by 
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Angola, sub-Saharan Africa’s second-largest oil producer, plans to meet investors in the U.S. and Europe starting Oct. 26 to generate interest in its first Eurobond sale.

Deutsche Bank AG, Goldman Sachs Group Inc. and Industrial & Commercial Bank of China Ltd. will arrange the road show, according to a person familiar with the matter, who asked not to be identified and is not authorized to speak publicly.

Angola postponed plans for a $1.5 billion Eurobond sale to await better market conditions, a person familiar with the plan said at the time. The country first tapped international debt markets in 2012 when it issued a $1 billion loan participation note, similar to a Eurobond. Yields on the note, due in August 2019, rose 1 basis point to 7.61 percent at 1:53 p.m. in Luanda, the capital.

The government, which derives about two-thirds of revenues from oil, is cutting spending after Brent crude prices dropped more than 40 percent in the past year. Public investment was reduced by 53 percent this year, Vice President Manuel Vicente told lawmakers on Oct. 15. The kwanza has weakened 24 percent against the dollar in 2015, second only to Zambia’s kwacha among 24 African currencies monitored by Bloomberg.

The 2019 securities have gained 0.4 percent in the past three months, compared with 0.7 percent for 63 emerging markets tracked by Bloomberg.

 Curled from Bloomberg

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