Bonds
Angola’s New Bonds Rally as Traders Assess Deal With JPMorgan
- Nation’s dollar bonds among best performers in EM index
- Bond sale part of bid to address budget gap, maturity wall
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Angola’s international bonds outperformed most of their emerging-market peers on Friday as investors reacted to the nation’s latest borrowing to address budget gaps and looming bond maturities.
The $1.2 billion of 2030 bonds, sold on Dec. 27, rose above their listing price as of 2 p.m. London time, while Angola’s other eurobonds posted some of the biggest gains in the Bloomberg EM Sovereign Total Return Index. The yield on the note due November 2049 fell 13 basis points to 11.35%, their lowest level in two weeks.