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Angola Received $1bn Loan from JPM Below 9%, Says Finance Ministry
May 14, 2025
Angola’s Finance Ministry disclosed that a loan from JPMorgan, structured as a total return swap and subject to a $200mn margin call during a market selloff, carried an interest rate of just under 9%. This interest cost was lower than what the country would have paid for conventional debt, the ministry added. The deal, made in two tranches totaling $1bn in December, used Angola’s 2030 bond as collateral. The margin call highlighted the financial vulnerability of heavily indebted African nations increasingly relying on complex financing due to limited access to traditional debt markets. Angola emphasized its ability to meet the margin call promptly as a sign of financial strength but signaled caution about future borrowing.
Angola’s bonds jumped by 2 points across the curve with its 8.75% 2032s up at 83.4, yielding 12.38%.
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