Angola: 2026 Treasury Bonds

Presidential Decree 3/26, of 5 January 2026, enacted the legal regime for the government issuance of Treasury Bonds during 2026. Below is a summary of PD 3/26:

• Authorization: The Minister of Finance is authorized to issue Treasury Bonds in 2026 up to the maximum amount set out in the 2026 State Budget;
• Bond terms: The Minister of Finance (or the Angolan Securities and Exchange Commission, BODIVA, by delegation of the MinFin) shall define the terms of such Treasury Bonds through a separate legal instrument, including:
  
  • Type of issuance;
  • Currency;
  • Nominal value;
  • Interest rate;
  • Maturity.
• Placing: Treasury Bonds may be placed in the following ways:
  
  • Through financial intermediaries;
  • By limited subscription;
  • Directly to the public.
• Coupon Payment: Bond coupons are paid every 6 months;
• Redemption: Redemption will be made at par together with the last coupon. Early redemption is permitted (callable bonds);
• Guarantee: Full redemption of Treasury Bonds is guaranteed by the state;
• Securities Accounts: The placement and any movement/payment/redemption of Treasury Bonds is exclusively done electronically through securities accounts;
• Incentives: The Minister of Finance may give financial and tax incentives to bondholders/investors in accordance with applicable law.