Dr. Armando Manuel Revisits a Decade of Angola’s Eurobonds

The Chairman of the Board of Directors of the Angola Sovereign Wealth Fund (FSDEA), Dr. Armando Manuel, took part on 14 October 2025 in the forum '10 Years of Eurobonds & 10 Years of the Angolan Stock Exchange', held at the EPIC SANA Hotel in Luanda. The event was jointly organised by the Ministry of Finance and Telegrama Magazine, with the official sponsorship of FSDEA, bringing together public decision-makers, economists and financial executives to reflect on the importance of Eurobonds for Angola’s international credibility and the development of its domestic capital market.

The opening session was chaired by H.E. the Minister of Finance, Dr. Vera Daves de Sousa, who described the 2015 Eurobond issuance as a milestone in the country’s financial history, underlining its role in consolidating investor confidence and strengthening the institutional maturity of the Angolan State.

In his address, Dr. Armando Manuel, who served as Minister of Finance at the time of the inaugural issuance, revisited the process that culminated in the placement of USD 1.5 billion over 10 years, with a 9.5% coupon, an operation known as 'Palanca I'. He emphasised that 'a Eurobond issuance is not improvised,' outlining the rigorous steps that preceded it: the political and strategic decision following consultations with the Head of State and the National Bank of Angola; the technical and fiscal assessment of debt sustainability; a demanding due diligence process involving lawyers, advisors and the bookrunner banks; and extensive market preparation through international roadshows held in London, New York, Frankfurt, San Francisco, Boston and the Middle East, engaging with Asian investors.

'Professionalism in finance, mastery of public policy and maturity in management became axioms of a true academic exercise,' he stated, noting that 'each institution presented detailed analyses on Angola, raising pertinent questions that reinforced confidence and investor appetite.'

The forum also featured Dr. Archer Mangueira, former Minister of Finance and current Governor of Namibe Province, who discussed 'The Impact of Global Monetary Policy and Inflation on Emerging Market Debt Prices.' Dr. Cristina Lourenço, CEO of BODIVA, spoke on the 10th anniversary of the Angolan Debt and Securities Exchange, highlighting its contribution to the modernisation and transparency of the financial system. Meanwhile, Dr. Pedro Frederico Cossa, Chairman of the Mozambique Stock Exchange, addressed 'Regional Integration – Financing Development through the Stock Market,' advocating for deeper cooperation among SADC exchanges to mobilise local savings and channel them towards development projects.

The event also brought together former ministers of finance and leaders from public and private institutions active in Angola’s financial and capital markets, reinforcing dialogue and collaboration between the State, the banking sector and investors.

In conclusion, Dr. Armando Manuel stressed that the true legacy of the Eurobonds lies 'in the confidence built and in the institutionalisation of a culture of rigour and responsibility in public financial management.' He added that 'investors placed their trust in the competence of the teams and, although some reservations and conservative perceptions persisted regarding Angola’s political system and governance model, entering the international capital markets represented a milestone comparable to competing in the ‘Champions League’ of global finance — a tournament reserved only for nations and institutions capable of performing under maximum scrutiny. Yet this achievement also brought greater transparency challenges, with the economy now observed and assessed with the same rigour applied to a glass ceiling, where nothing remains hidden.'

The forum concluded with a tribute ceremony honouring the teams and professionals from various Angolan institutions who contributed to the success of the country’s first Eurobond issuance, recognising their dedication, technical competence and professionalism in achieving this historic milestone for Angola’s financial credibility.