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Bond Market News
Angola Exploring Potential IMF Support Amid Discussions
April 29, 2025
Angola is exploring potential financial support from the IMF amid economic strain from falling oil prices and global trade tensions, both of which have limited its access to international bond markets. Their Finance Minister emphasized that discussions with the IMF were informal and exploratory, with any formal request dependent on future proposals. Angola faces rising debt repayments including $864mn due in November, and is prioritizing debt servicing and salaries. Although Angola had planned to issue $1.5bn in bonds in 2025, high yield levels averaging 13.5% have put those plans on hold. The Finance Minister added that it was likely that Angola will avoid international debt markets until its yields return to single digits. The country is also considering loans from the World Bank and African Development Bank while cutting spending to reduce financing needs. Despite a modest economic recovery, Angola remains heavily dependent on oil, which comprises 60% of revenue. The government is conducting fiscal stress tests and plans to boost revenue by selling stakes in major companies like Unitel and Banco de Fomento Angola.
Angola’s dollar bonds have been trending lower since the beginning of the month. For instance, its 8.75% 2032s are down over 8% MTD to trade at 79.8, yielding 13.3%.
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