LONDON (Reuters) – Angola’s sovereign dollar bonds gained on Thursday as provisional election results from ballot counting indicated a strong lead for ruling MPLA party.
Longer-dated issues recorded the strongest gains with the 2049 bond up 1.5 cent to just over 80 cents in the dollar, Tradeweb data showed.
The premium demanded by investors to hold the bonds over safe haven U.S. Treasuries tightened to 767 basispoints (bps) – its lowest in ten days, according to the country’s JPMorgan EMBI Global Diversified index.
With 33% of the votes counted, the National Electoral Commission (CNE) said the first provisional results showed the People’s Movement for the Liberation of Angola (MPLA), led since 2017 by President Joao Lourenco, garnered 60.65% of the vote.
(Reporting by Karin Strohecker, editing by Jorgelina do Rosario)
