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Angola Launches Tender Offer for 2028 and 2029 Notes
May 25, 2026
Angola has launched a cash tender offer to buy back two series of its outstanding sovereign bonds. It is offering to purchase $1.26bn of its 8.25% 2028s and $1.75bn of its 8% 2029s at above-par prices of $1,025.75 and $1,013.75 per $1,000 face value respectively, plus accrued interest. The buyback is funded concurrently through a new US dollar bond issuance, making this a liability management exercise aimed at refinancing near-term debt and extending Angola’s maturity profile. Following the pricing of new notes, the total repurchase amount (maximum aggregate purchase price) is capped at $750mn. If tenders exceed this cap, allocations will be prorated. Angola retains full discretion to accept or reject any tenders, increase or decrease the cap, and waive conditions. Holders who tender early are incentivized with priority allocation in the new bond offering. The deadline to tender is 27 May 2026, with results expected on May 28 and settlement on May 29.
Angola’s 8.25% 2028s traded stable at 101.9, yielding 7.2%
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