Commentary & Deal Flow

The Republic of Angola (ANGOL) exp B3/B-/B- (s/s/s) US$ benchmark 144A/Reg S 2-part sr notes (long 5y due 1/15/31 and 10y due 10/15/35). Citi (B&D)/DB/JPM/StanChart as joint lead managers. Coupons: Fixed, semi-annually in arrear, 30/360. Denoms: USD 200k x USD 1k. Listing: London Stock Exchange (Main Market). Law: English Law. UOP: general budgetary purposes. Books are open, pricing 10/7. Settle 10/15.

IPTs: L5y 9.75% area, 10y 10.50% area.

FINAL PRICE GUIDANCE: L5y 9.25%#, 10y 10.125%#.