LONDON (Reuters) – Angola’s Eurobonds fell sharply on Tuesday, after the opposition UNITA party rejected the results of last week’s elections.
The ruling MPLA party was declared the winner on Monday but failed to get the two-third majority needed to change the constitution.
Tuesday’s market moves saw the southern African country’s dollar-denominated bonds fall up to 2.5 cents in the dollar, according to Tradeweb data.
Longer-dated maturities dropped the most with the 2048 issue sliding to 77.9 cents.
UNITA leader Adalberto Costa Junior has urged his supporters to remain calm but cited discrepancies between the election commission’s figures, which gave the MPLA 51.17% of the vote, and the main opposition coalition’s tally.
UNITA’s 43.95% vote share is its best ever result.
(Reporting by Rachel Savage; editing by Marc Jones)
