May 2, 2018 / 2:16 PM / 20 days ago

Angola launches US$3bn bond offering

LONDON, May 2 (IFR) - The Republic of Angola has set final terms on a dual-tranche US$3bn bond transaction, according to a lead.

The sovereign has launched US$1.75bn 10-year notes at 8.25%. The May 2028s were marketed initially at 8.50% area, before pricing was revised to 8.25%-8.375%.

A US$1.25bn 30-year tranche has launched at 9.375%. The May 2048s were initially marketed at 9.625% area, and final guidance was set at 9.375%-9.50%.

The order books are over US$9bn, with a skew to the 10-year.

The trade is expected to price today, via Deutsche Bank, Goldman Sachs and ICBC. Angola is rated B3 by Moody’s and B by Fitch. (Reporting by Robert Hogg; editing by Alex Chambers)

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