Commentary & Deal Flow

IPTs: 7yr: 9.625%a 11yr: 10.125%a

• Issuer: The Republic of Angola
• Issuer Ratings: B3/B-/B- (Moody's/S&P/Fitch)
• Expected Issue Ratings: B3/B-/B- (Moody's/S&P/Fitch)
• Format: 144A/Reg S
• Currency: US$
• Pricing Date: 24-Mar-26
• Settlement Date: 31-Mar-26 (T+7)
• Documentation: Global Medium Term Note Programme
• Status: Senior Unsecured
• Tenor:
• • 7-year
  • 11-year
• Maturity:
• • 7yr: 31-Mar-33
  • 11yr: 31-Mar-37
• Size: US$ Benchmark (each tranche)
• IPTs:
• • 7yr: 9.625% area
  • 11yr: 10.125% area
• RegS ISIN / CUSIP:
• • 7yr: ISIN: XS3328007797 CUSIP: V02834AC9
  • 11yr: ISIN: XS3328007870 CUSIP: V02834AD7
• 144A ISIN / Common Code:
• • 7yr: ISIN: US035198AK61 Common Code: 332800922
  • 11yr: ISIN: US035198AL45 Common Code: 332800973
• Coupon: Fixed, payable semi-annually in arrear, 30 / 360
• Denominations: US$ 200k x US$ 1k
• Use of Proceeds: General budgetary purposes and to purchase outstanding 8.250% Notes due 2028, subject to the relevant maximum aggregate purchase price
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Joint Lead Managers: Citi, Deutsche Bank (B&D), J.P. Morgan, Standard Chartered Bank
• Investor Presentation:
• • URL: https://dealroadshow.com
  • Entry Code: ANGOLA
  • Direct Link: https://dealroadshow.com/e/ANGOLA
• Schedule: Books open, today’s business
• Stabilisation: FCA / ICMA stabilisation applies