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Angola’s dollar bonds dipped by 0.7-0.9 points across the curve. The IMF warned that if the Iran war persists, investor appetite for Angolan bonds will weaken, putting pressure on its currency and driving up inflation through higher import costs for fuel, fertilizer, and food. While Angola benefits from elevated oil prices as Africa’s third-largest producer, it refines only 30% of its own fuel consumption, leaving it vulnerable to import reliance. The IMF advised the central bank to keep monetary policy restrictive, and flagged that rates, currently held at 17.5%, may need to rise further if inflation re-accelerates.
Its 8.75% 2032s were down 0.8 points to 104.3, yielding 7.8%
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