Commentary & Deal Flow

The Republic of Angola (ANGOL) exp B3/B-/B- (s/s/s) US$1.75bn 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 (short first coupon on L5y). 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. 144A CUSIP: 035198AH3. 144A ISIN: US035198AH33.

IPTs: L5y 9.75% area, 10y 10.50% area.
FINAL PRICE GUIDANCE: L5y 9.25%#, 10y 10.125%#.
LAUNCHED: $1bn L5y at 9.25%, $750m 10y at 10.125%

PRICED:
$1bn 9.244% 1/15/31 100.00 9.25%.
$750m 9.875% 10/15/35 98.450 10.125%