Angola: BAI Public Offering Raises More Than AOA 50 Million

Luanda — The Public Offering of Ordinary and Sustainable Bonds (debt securities) by Banco Angolano de Investimentos (BAI) raised more than AOA 50.7 million, the Angola Debt and Securities Exchange (BODIVA) announced on Wednesday in Luanda.

The subscription period for the offering ran from 24 August to 14 September, with demand exceeding supply, resulting in a coverage ratio of 113.35% and an allocation rate of 86.34%.

In a statement, BODIVA said that, in response to the demand recorded, the issuer increased the initial issue size to 750,000 bonds, maintaining the same characteristics as those initially offered, including the subscription price, interest rate, maturity, repayment conditions and other transfer terms.

Of the 454 subscription orders received, 431 were accepted, at a price of AOA 10,000 per bond.

The market operator said the physical and financial settlement of the offering will take place on 21 September, followed by the trading session on the Private Bond Exchange on 22 September. From that date, BAI's sustainable bonds will be available for trading on the secondary market.

With this operation, BAI became the first Angolan company to admit sustainable bonds to trading and to issue sustainable private bonds on BODIVA's markets through a Public Subscription Offer (OPS) in which demand exceeded supply.

It is also the first company to have two bonds admitted to trading.

Sustainable bonds are corporate debt securities issued to finance projects with positive environmental and social impacts.

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