Commentary & Deal Flow

The Republic of Angola (ANGOL) exp B3/B-/B- (s/s/s) US$2.5bn 144A/Reg S 2-part sr unsec MTN's (7y FXD due 3/31/33 and 11 FXD due 3/31/37). Citi/DB (B&D)/JPM/Stan Chart joint lead managers. Coupon: Fixed, payable semi-annually in arrear, 30 / 360. First Pay: 9/30/26. Denoms: USD 200,000 x USD 1,000. Listing: London Stock Exchange (Main Market). Law: English Law. UOP: General budgetary purposes and to purchase outstanding 8.250% Notes due 2028, subject to the relevant maximum aggregate purchase price. Investor Presentation: URL: https://dealroadshow.com | Entry Code: ANGOLA Direct Link: https://dealroadshow.com/e/ANGOLA. Pricing 3/24. Settle 3/31.

IPTs: 7y 9.625% area, 11y 10.125% area.

UPDATE: 7y yield set at 9.375%#, 11y set at 9.875%#.

LAUNCHED: $1.5bn 7y at 9.375%, $1bn 11y at 9.875%.
PRICED:
$1.5bn 9.375% 3/31/33 100.00 9.375%.

$1bn 9.875% 3/31/37 100.00 9.875%.