Angola Sells $2.5 Billion of Eurobonds as Oil Prices Surge

Angola raised $2.5 billion from the sale of dollar bonds, betting that higher crude prices driven by the Iran war will boost investor appetite for debt from the oil-rich nation.

Africa’s third-largest oil producer priced $1.5 billion of seven-year bonds with a yield of 9.375% and $1 billion of 11-year bonds with a yield of 9.875%, according to a person familiar with the matter. Both levels are about a quarter-point tighter than initial price talk.