Norton Rose Fulbright advises Angola on multi-billion dollar sovereign bond and related tender offer

Global law firm Norton Rose Fulbright has advised the Republic of Angola on its dual-tranche issuance of US$2.5 billion sovereign bonds, together with its concurrent strategic tender offer for outstanding sovereign debt due 2028.

The new bonds were admitted to trading on the regulated market of the London Stock Exchange. The proceeds of the bond issuance were used in part to repurchase certain of the Republic's outstanding sovereign bonds due 2028 through the tender offer, with the balance applied towards national budgetary support.

Citi, Deutsche Bank, J. P Morgan and Standard Chartered Bank acted as joint lead managers on the international bond offer and as dealer managers on the related tender offer. Citi acted as tender agent.

Peter Young, partner at Norton Rose Fulbright, said:

"This successful and heavily oversubscribed dual-tranche issuance was executed in challenging global market conditions and reflects Angola's continued ability to access the international capital markets. The deal, which represents an important step in its broader financing strategy, attracted a broad and diversified international investor base and enabled Angola to address multiple points on its yield curve."

The Norton Rose Fulbright capital markets team in London advising on the deal was led by partners Peter Young and included counsel Julian Walley, associate Dionysis Diamantatos and trainees Natalia Oughton and Patrick Mulholland.

Norton Rose Fulbright advised the Republic of Angola on its most recent international bond transaction in October 2025, drawing on its long-standing role advising the Republic on its international capital markets issuances, including under the Republic's GMTN Programme.