Angola’s First Eurobond Sale Postponed Until 2014

Angola’s First Eurobond Sale Postponed Until 2014

From iOL

Angola has delayed the issue of its first sovereign Eurobond to 2014 from this year due to “internal factors” and is working to ensure the debt sale is successful in international markets, Finance Minister Armando Manuel said.

“It is certainly a target for next year,” Manuel told Reuters on the sidelines of a ministry event in Luanda. “We are working on the financing needs for the 2014 budget and that’s where we will decide on the value (of the planned issuance).”

“We restructured our debt plan and think it is pertinent to move to next year this effort in the international market, given that we devoted this year to refining a set of internal factors to prepare a successful outing to the international market,” he added.

Manuel did not disclose further details.

Angola, which is Africa’s second biggest oil producer, planned a Eurobond issue in 2009 and again in 2011 only to postpone both sales. It had intended to raise $1 billion this year to follow successful sales by Nigeria, Zambia and Rwanda.

Analysts say demand for an Angolan Eurobond is likely to be strong as investors seek to tap into an economy which has posted rapid growth since the end of a 27-year civil war in 2002.

Read more at iOL.