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Bond Market News
Angola Reaches Agreement with JPMorgan to Roll Over $1bn Loan Facility
November 26, 2025
Angola has reached an agreement with JPMorgan Chase to rollover a $1bn loan that was initially due at the end of the year. The final terms, including the new maturity date, interest rate, and collateral, are still being negotiated. The original loan facility was a total return swap agreed upon last December, and was backed by ~$2bn in dollar bonds and carried an annual interest cost of about 9%. This comes as Angola’s dollar bonds have risen over 25% since April, thereby leading to a drop in yields. The drop in yields is said to help the government negotiate for improved leverage or issue new debt. The JPMorgan facility faced scrutiny in April when Angola had to post an additional $200mn in collateral following a margin call, although this was later returned. While Angola’s debt-to-GDP ratio is within its legal limit (around 55%), the IMF noted in September that the nation still faces elevated near-term financing pressures due to a large amount of maturing external debt.
Angola’s 8.75% 2032s are trading stable at 94.37, yielding 9.96%.
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