Dec 21, 2009
12:42:00 PM
| Last Updated
OPEC’s first-ever meeting in Angola on December 22 finds the host country trying to lure international capital in the largest ever sovereign bond issuance by a Sub-Saharan African country. An oil price of over US$70 per barrel and interest in the “African oil frontier” could attract investors to Angola, which only joined the oil cartel in 2007. Yet Angola will likely have to pay a high premium for its currently unrated debt offering.
In November 2009, Angola laid out its plans, saying it would issue US$4 billion in sovereign external debt to fund its infrastructure plans. The[...]
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