By Rebecca Melvin
New York, May 3 – The Republic of Angola priced on Wednesday $3 billion of senior notes due 2028 and 2048 (expected ratings: B3//B), according to pricing term sheets.
The $1.75 billion tranche of 8¼% 10-year notes priced at 99.987 to yield 8¼%, or a yield spread of 528.6 basis points over U.S. Treasuries. Pricing was tightened from initial talk in the 8½% area.
The $1.25 billion tranche of 9 3/8% 30-year notes priced at 99.976 to yield 9 3/8%, or a yield spread of 625.1 bps over Treasuries. Pricing was tightened from initial price talk in the 9 5/8% area.
The order books at the time of final guidance were in excess of $9 billion, with a skew to the 10-year issue.
Goldman Sachs International (stabilization manager), Deutsche Bank AG London Branch and ICBC Standard Bank plc and ICBC International Securities Ltd. were joint lead managers for the Rule 144A and Regulation S deal.
The notes will be listed on the regulated market of the London Stock Exchange.
| Issuer: | The Republic of Angola
|
| Description: | Senior notes
|
| Total amount: | $3 billion
|
| Bookrunners: | Goldman Sachs, Deutsche Bank, and ICBC
|
| Pricing date: | May 2
|
| Settlement date: | May 9
|
| Expected ratings: | Moody’s: B3
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2028 notes
|
| Amount: | $1.75 billion
|
| Maturity: | May 9, 2028
|
| Coupon: | 8¼%
|
| Price: | 99.987
|
| Yield: | 8¼%
|
| Spread: | 528.6 bps over Treasuries
|
| Price talk: | Initially talked in the 8½% area
|
|
|
| 2048 notes
|
| Amount: | $1.25 billion
|
| Maturity: | May 8, 2048
|
| Coupon: | 9 3/8%
|
| Price: | 99.976
|
| Yield: | 9 3/8%
|
| Spread: | 624.1 bps over Treasuries
|
| Price talk: | Initially talked in the 9 5/8% area
|
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