Fixed Income Glossary — Angola Bond Market Terms
This glossary covers the essential terminology for understanding Angola’s government bond market. Terms are organized alphabetically, with Portuguese terms used where they are the standard market convention.
A
AGT (Administracao Geral Tributaria) — Angola’s General Tax Administration, the authority responsible for tax collection, including the Imposto sobre Aplicacao de Capitais (IAC) on bond income.
Aviso 15/19 — BNA regulation (Aviso No. 15/2019) that opened Angola’s domestic government securities market to non-resident investors. Establishes the framework for foreign investor participation, including custodian bank requirements and capital repatriation rules.
B
BNA (Banco Nacional de Angola) — Angola’s central bank. Sets the base interest rate (taxa basica), currently 17.5%, and manages monetary policy, foreign exchange reserves, and the banking system. The BNA also operates the auction platform for government securities.
BODIVA (Bolsa de Divida e Valores de Angola) — Angola’s debt and securities exchange, handling both equity and government bond secondary market trading. Recorded 10,328 transactions in 2024.
BT (Bilhete do Tesouro) — Treasury bill. A short-term government discount instrument issued at maturities of 91, 182, and 364 days. BTs pay no coupon; the return is the difference between the discounted purchase price and the face value at maturity. See treasury bills.
Bid-to-Cover Ratio — The ratio of total bids submitted to the amount of securities offered at an auction. A key indicator of investor demand. See demand/cover ratios.
C
CEVAMA (Central de Valores Mobiliarios de Angola) — Angola’s central securities depository. All government securities are held in electronic book-entry form at CEVAMA, which processes coupon payments, principal redemptions, and ownership transfers.
CMC (Comissao do Mercado de Capitais) — Angola’s Capital Market Commission, the regulatory authority supervising securities markets, including BODIVA and market participants.
Competitive Bid — A bid submitted at a specific yield (for BTs) or price (for OTs) in a primary market auction. Used by institutional investors. The bidder specifies both the amount and the rate they are willing to accept.
Coupon — The periodic interest payment on a treasury bond (OT). Angola’s OTNRs typically pay semi-annual coupons at fixed rates ranging from 18% to 22%. See coupon tracker.
Cut-off Yield — The highest yield (or lowest price) accepted by MINFIN at an auction. All competitive bids at or below the cut-off are filled.
D
Discount Instrument — A security sold below face value that pays no coupon. The investor’s return is the difference between the purchase price and the par value received at maturity. BTs are discount instruments.
E
Eurobond — A bond denominated in a foreign currency (typically USD) and issued in international capital markets. Angola’s Eurobonds trade on international exchanges with yields of 7-9%. See Eurobonds.
I
IAC (Imposto sobre Aplicacao de Capitais) — Angola’s withholding tax on investment income (capital application tax). The standard rate is 15%, reduced to 10% for bonds with original maturity exceeding 3 years. IAC is withheld at source on coupon payments and discount income. See tax guide.
M
MINFIN (Ministerio das Financas) — Angola’s Ministry of Finance. The sole issuer of domestic government securities and the entity responsible for the public debt management strategy, auction calendar, and fiscal policy.
Maturity — The date on which a bond’s principal (face value) is repaid to the investor. BTs have maturities of 91, 182, or 364 days; OTNRs range from 2 to 10 years.
N
NIF (Numero de Identificacao Fiscal) — Angola’s tax identification number, required for all investors participating in the bond market.
Non-Competitive Bid — A bid that specifies only the amount (not the yield or price). The bidder accepts the weighted average yield determined by competitive bidding. Used by retail investors on the Portal do Investidor.
O
OT (Obrigacao do Tesouro) — Treasury bond. The generic term for medium- and long-term government bonds, encompassing OTNRs and OTX instruments. See treasury bonds.
OTNR (Obrigacao do Tesouro Nao Reajustavel) — Non-adjustable treasury bond. A fixed-rate kwanza-denominated bond with maturities of 2 to 10 years. OTNRs pay semi-annual coupons and are the primary instrument for medium- and long-term domestic government financing.
OTX (Obrigacao do Tesouro Indexada) — Indexed treasury bond. A bond whose principal and interest payments are indexed to a foreign currency (USD or EUR). OTX bonds are issued and settled in kwanza but provide currency protection. Yields range from 7% to 9% for USD-indexed series.
P
Portal do Investidor — Angola’s online platform for retail investors to purchase government securities directly from MINFIN through non-competitive bids. See Portal do Investidor guide.
R
Real Yield — The nominal bond yield minus the inflation rate. Represents the return in purchasing power terms. Angola’s current real yields range from approximately +1.8% (91-day BT) to +6.3% (10-year OTNR). See real yields.
T
Taxa Basica — The BNA’s base interest rate, currently 17.5% (January 2026). This rate anchors the short end of the yield curve and serves as the reference rate for the banking system.
Y
Yield Curve — The graphical representation of bond yields across different maturities. Angola’s kwanza yield curve currently slopes upward from approximately 17.5% at the short end to 22% at the long end. See yield curve analysis.
Yield-to-Maturity (YTM) — The total return an investor earns by holding a bond to maturity, accounting for coupon payments, purchase price, and face value redemption. The standard measure for comparing bond returns across instruments.