How the Auction Calendar Works

Angola’s Ministry of Finance (MINFIN) publishes a quarterly issuance calendar that sets out the schedule for all primary market auctions of government securities. The calendar covers both Bilhetes do Tesouro (BT) treasury bills and Obrigacoes do Tesouro (OT) treasury bonds, giving institutional and retail investors advance visibility into upcoming supply.

Auction Frequency by Instrument

• BT auctions occur every Tuesday, with results published the same day. MINFIN typically offers multiple tenors simultaneously, though the specific maturities on offer may vary week to week.
• OT auctions are held monthly, usually in the second or third week. MINFIN announces the specific series, coupon rate, and indicative volume at least five business days before the auction date.

How to Track Upcoming Auctions

Investors can monitor the auction calendar through several channels:

• MINFIN website — The quarterly issuance calendar is published on the Ministry of Finance portal, typically in the last week of the preceding quarter.
• BODIVA bulletins — BODIVA’s daily market bulletin includes upcoming auction announcements and results from recent auctions.
• Portal do Investidor — Retail investors registered on the Portal do Investidor receive notifications of upcoming auctions in which they can participate through non-competitive bids.
• BNA circulars — The Banco Nacional de Angola publishes operational circulars detailing auction mechanics and any changes to the standard schedule.

Reading the Auction Announcement

Each auction announcement includes critical information for bidding:

• Instrument and series — Identifies the exact security being offered (e.g., OTNR 5-year 2031 series).
• Indicative volume — The target amount MINFIN intends to raise, expressed in kwanza.
• Coupon rate — For OTs, the fixed coupon rate is specified in advance. BTs are discount instruments with no coupon.
• Bid submission window — The opening and closing times for competitive and non-competitive bids.
• Minimum bid amount — Typically AOA 100,000 for BTs and AOA 1,000,000 for OTs through institutional channels.

Seasonal Patterns and Supply Dynamics

MINFIN’s issuance volume is driven by the government’s financing needs, which follow predictable seasonal patterns. Issuance tends to increase in Q1 as the government ramps up spending under the new budget, and may taper in Q4 if oil revenues have exceeded projections. Investors should also watch for supplementary auctions when MINFIN needs to cover shortfalls from undersubscribed regular auctions.

The demand/cover ratio at recent auctions provides a useful signal of investor appetite. A ratio above 1.5x generally indicates healthy demand, while ratios below 1.0x suggest MINFIN may need to adjust yields upward at subsequent auctions.

For details on how to participate in these auctions, see the primary market guide. For retail investors looking to bid directly, the Portal do Investidor step-by-step guide provides a walkthrough of the process.