Why we show nine and not ten
In December 2024 Angola sold a bond paying 10.950%, due at the end of 2030. It topped it up two weeks later. Together the two parts make a single bond of US$1,928,000,000 — larger than any other line Angola has outstanding, and the highest coupon it has ever paid.
We do not publish a price for it. The daily closing quotes this site is built on do not cover that bond, and we have not found any other source we can lawfully use. We could estimate one. We are not going to, because an estimate dressed as a market price is exactly the thing this site exists not to do.
What we could have done instead is quietly leave the bond out of our records altogether, so that nobody noticed the gap. That is worse, and it is worse in a specific way: a reader adding up Angola's nine visible bonds would understate what the country owes by nearly two billion dollars, and nothing on the page would tell them so. So the bond is stored, described here in full, and marked as withheld, with the reason attached to it. The rule we work to is that withholding something has to be a decision somebody made and recorded — never something a missing value does by accident.
The ten bonds
All in US dollars, and every one of them repays the whole amount on its final day rather than in instalments — which makes Angola unusually simple to read compared with, say, Ghana or Senegal. Interest is paid twice a year throughout. The 2030 is the withheld line.
8.250% due 9 May 2028
Angola's oldest surviving Eurobond, and the one it has spent 2026 buying back. Two separate tender offers, in March and in May, took more than half of it off the market.
- Coupon
- 8.250% confirmed
- Final maturity
- 9 May 2028 confirmed
- Originally issued
- US$1,750,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 15 June and 15 December confirmedNote that these are nowhere near the maturity date of 9 May. See “A trap worth understanding” below.
- Still outstanding
- US$813,169,000 confirmedAfter the March and May 2026 buy-backs.
8.000% due 26 November 2029
Sold in November 2019 alongside the 2049 below. Part of it was bought back in the May 2026 tender.
- Coupon
- 8.000% confirmed
- Final maturity
- 26 November 2029 confirmed
- Originally issued
- US$1,750,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 26 May and 26 November inferredThe interest dates we hold for this line are our own reading of the maturity day, not a figure taken from a document. Angola is the one sovereign here proved to break that pattern, so this is flagged rather than relied on. inferred
- Still outstanding
- US$1,462,094,000 confirmedAfter the May 2026 buy-back, in which US$287,906,000 was accepted.
10.950% due 27 December 2030 — NOT SHOWN ON THE PRICE PAGE
This bond is real, it is alive, and it is the largest single line Angola has outstanding. It does not appear on our price page, and that is a decision rather than an oversight. The section below this one explains why.
Its terms are set out here in full precisely because it is not priced. A reader should be able to see that we know it exists.
- Coupon
- 10.950% — the highest Angola has ever issued confirmed
- Final maturity
- 27 December 2030 confirmed
- Originally issued
- US$1,200,000,000 in December 2024, plus a US$728,000,000 tap in January 2025, consolidated into one bond of US$1,928,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 27 June and 27 December confirmed
- Shown on the price page
- No — see below
9.244% due 15 January 2031
Sold in October 2025 and topped up by a further US$600 million in May 2026 to help pay for that month's buy-back.
- Coupon
- 9.244% confirmedNot 9.250%. The pricing supplement says “9.244 per cent. per annum”, and the difference is the kind of thing that gets rounded away by anyone working from a summary rather than the document.
- Final maturity
- 15 January 2031 confirmed
- Originally issued
- US$1,000,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 15 January and 15 July confirmed
- Still outstanding
- US$1,600,000,000 confirmedOriginal amount plus the US$600 million tap of May 2026.
8.750% due 14 April 2032
Sold in April 2022. It has never been tendered for, so the full amount is still outstanding.
- Coupon
- 8.750% confirmed
- Final maturity
- 14 April 2032 confirmed
- Originally issued
- US$1,750,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 14 April and 14 October inferredThe interest dates we hold for this line are our own reading of the maturity day, not a figure taken from a document. Angola is the one sovereign here proved to break that pattern, so this is flagged rather than relied on. inferred
- Still outstanding
- US$1,750,000,000 — the full amount confirmed
9.375% due 31 March 2033
One of the two bonds sold on 31 March 2026 to fund that month's buy-back of the 2028.
- Coupon
- 9.375% confirmed
- Final maturity
- 31 March 2033 confirmed
- Originally issued
- US$1,500,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 31 March and 30 September confirmed
- Still outstanding
- Full amount — not bought back
9.875% due 15 October 2035
Sold in October 2025 alongside the 2031.
- Coupon
- 9.875% confirmed
- Final maturity
- 15 October 2035 confirmed
- Originally issued
- US$750,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 15 April and 15 October confirmed
- Still outstanding
- Full amount — not bought back
9.875% due 31 March 2037
The other half of the March 2026 pair, topped up by a further US$900 million in May 2026.
- Coupon
- 9.875% confirmed
- Final maturity
- 31 March 2037 confirmed
- Originally issued
- US$1,000,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 31 March and 30 September confirmed
- Still outstanding
- US$1,900,000,000 confirmedOriginal amount plus the US$900 million tap of May 2026.
9.375% due 8 May 2048
Sold in May 2018 and topped up that July. The two parts were merged into a single bond, which is why the amount outstanding is larger than the amount the original announcement mentioned — a distinction that is easy to get wrong in either direction.
- Coupon
- 9.375% confirmed
- Final maturity
- 8 May 2048 confirmed
- Originally issued
- US$1,250,000,000 in May 2018, plus a US$500,000,000 tap in July 2018, consolidated into one bond confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 15 June and 15 December confirmedAgain, nowhere near the maturity date of 8 May.
- Still outstanding
- US$1,750,000,000 confirmed
9.125% due 26 November 2049
Angola's longest bond, sold in November 2019 alongside the 2029. Its size is the one figure on this page that we have not been able to close out against a document published after issue.
- Coupon
- 9.125% confirmed
- Final maturity
- 26 November 2049 confirmed
- Originally issued
- US$1,250,000,000 inferredConfirmed as the amount raised at launch, but not against any later source that would catch a subsequent top-up or buy-back. See below. inferred
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 26 May and 26 November inferredThe interest dates we hold for this line are our own reading of the maturity day, not a figure taken from a document. Angola is the one sovereign here proved to break that pattern, so this is flagged rather than relied on. inferred
- Still outstanding
- We hold US$1,250,000,000 inferred
A trap worth understanding
A bond does not have to pay interest on the anniversary of its maturity
It is a reasonable assumption that a bond maturing on 9 May pays its interest each 9 May and 9 November. For most bonds it holds. For Angola's 2018 pair — the 2028 and the 2048 — it is simply false. Both pay on 15 June and 15 December, dates with no relationship to either maturity date, and the offering circular says so.
This is a legitimate structure, not an error in the documents, and it must not be “corrected”. It matters because it is the sort of detail an automated system will invent if nobody checks: back-solve the interest dates from the maturity date, and you will produce a payment schedule for these two bonds that never existed.
It also means we cannot use that shortcut anywhere else on this page. For three of Angola's bonds we do not have a document stating the interest dates, and Angola is the one government here proved to break the pattern. Those three are tagged as our inference above, not as fact.
What we are not sure about
Three open items, stated plainly.
Interest dates on three bonds are our reading, not a quotation
For the 2029, the 2032 and the 2049 we hold interest dates derived from each bond's maturity day. No document we have reached states them. On most sovereigns that inference would be safe; on this one, as the section above shows, it demonstrably is not. They are labelled as inferences everywhere they appear, and they stay labelled until a prospectus says otherwise.
The size of the 2049 is not closed
We hold US$1,250,000,000 outstanding on the 9.125% due 2049. That is well evidenced as the amount raised when the bond was sold. What we have not found is a later document — the kind that would reveal a top-up or a buy-back since — confirming it is still the amount outstanding today.
It is very likely right. Angola's debt-office bulletins publish what was raised at issue, not what remains, so they cannot settle it either. Until something does, this figure carries our own tag rather than a confirmation, and it is the one number on this page we would most like to close.
Two ways of counting a month
Interest on these bonds is worked out using a convention that treats every month as thirty days. There are two slightly different versions of that convention in common use, and they disagree only about months with thirty-one days. Angola's pricing supplements elect one version; our own records hold the other.
For the bonds that pay at the end of March and September the two give identical answers, so nothing changes. For the mid-month lines they can differ, by a very small amount, on certain dates. We record it here because it is a real difference between what the document says and what we hold, however small the consequence.
Where every figure here comes from
No data vendor supplies the terms on this page. Each source below is a public document.
| What it tells us | Source |
|---|---|
| The 2018 pair's sizes, coupons, maturities and their 15 June / 15 December interest dates | Republic of Angola, offering circular covering both 2018 tranches |
| That the 2048 was topped up by US$500,000,000 and merged into one bond | Republic of Angola, July 2018 tap prospectus |
| Terms of the 9.244% 2031 and the 9.875% 2035, including the 9.244% coupon in full | Republic of Angola, pricing supplements for Series 5 and Series 6, published 10 October 2025 |
| Terms of the 9.375% 2033 and the 9.875% 2037 | Republic of Angola, pricing supplements for Series 7 and Series 8, published 25 March 2026 |
| The whole of the withheld 2030 line: identifier, coupon, maturity, both tranches and their consolidation into one bond | Republic of Angola, final terms for the Series 4 tap, execution version dated 14 January 2025, and the Series 4 pricing supplement of December 2024 |
| Every buy-back amount on this page, and the amounts outstanding after them | Republic of Angola tender offer announcements to the London Stock Exchange, March and May 2026 |
| Issuance data for the older lines. These bulletins publish what was raised at issue and carry no outstanding-stock figure, so they cannot confirm what remains | Angola Public Debt Statistical Bulletin, Ministry of Finance |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
See live African Eurobond prices →