Bond Maturity Calendar — Upcoming Redemptions
The maturity calendar tracks when outstanding government securities come due, creating obligations for the government to repay principal to bondholders. For investors, understanding the maturity profile is essential for planning reinvestment strategies, assessing rollover risk, and monitoring the government’s refinancing burden.
How Maturities Affect the Market
When a government bond matures, two things happen simultaneously:
- Investors receive principal — The face value of the bond is returned to the holder’s account via CEVAMA.
- Government must refinance — Unless the government has accumulated surplus funds, it must issue new securities to replace the maturing ones, creating demand for new primary market auctions.
Heavy maturity months increase the government’s gross financing needs, which can affect auction sizes, yields, and overall market dynamics.
Maturity Profile by Instrument Type
BT (Treasury Bills) — Continuous Rollover
BTs mature on a continuous basis due to their weekly issuance cycle:
| BT Maturity | Frequency of Maturities | Rollover Mechanism |
|---|---|---|
| 91-day | Weekly | Rolled into new weekly auctions |
| 182-day | Weekly | Rolled into new weekly auctions |
| 364-day | Weekly | Rolled into new weekly auctions |
The BT maturity stream is essentially constant, with securities maturing every week. This creates a self-reinforcing rollover cycle — maturing BTs generate cash that is typically reinvested into new BTs at the next auction. For the government, BT rollovers are low-risk due to strong and consistent bank demand.
OTNR (Fixed-Rate Kwanza Bonds) — Lumpy Maturities
OTNR maturities are more concentrated, with specific series maturing on their original issuance anniversary:
- 2-year OTNRs issued in 2024 mature in 2026
- 3-year OTNRs issued in 2023 mature in 2026
- 5-year OTNRs issued in 2021 mature in 2026
- Longer-dated 7-year and 10-year OTNRs issued in recent years mature between 2028 and 2036
The lumpiness of OTNR maturities means some months carry significantly heavier redemption obligations than others. MINFIN manages this by spreading issuance dates throughout the year and by maintaining a diversified maturity profile in new issuance.
Eurobonds — The 2028-2029 Maturity Wall
The most closely watched maturity risk is the concentration of Eurobond maturities in 2028-2029:
| Approximate Maturity Window | Significance |
|---|---|
| 2028-2029 | Major Eurobond redemptions cluster in this period |
| Post-2030 | Reduced external maturity pressure |
This Eurobond maturity wall is a focal point for sovereign credit analysis. Angola must either refinance these obligations in international capital markets (requiring favorable market conditions and investor confidence) or repay from accumulated reserves. The ability to navigate this wall is a key variable in the sovereign’s credit trajectory. Current sovereign ratings (S&P B-, Moody’s B3, Fitch B-) reflect this refinancing risk.
Rollover Risk Assessment
| Risk Factor | Current Assessment |
|---|---|
| BT rollover | Low — consistent bank demand absorbs weekly maturities |
| OTNR rollover | Moderate — domestic market can absorb, but at yields of 18-22% |
| Eurobond refinancing | Elevated — 2028-2029 maturity wall requires market access |
| OTX rollover | Moderate — strong demand from FX-protection seekers |
Implications for Investors
For buy-and-hold investors: Understanding when your bonds mature helps plan reinvestment. Use the auction calendar to identify upcoming auctions near your maturity dates and deploy proceeds promptly.
For portfolio managers: Monitor aggregate maturity concentrations to anticipate periods of heavy government financing activity, which may affect auction yields and secondary market conditions.
For macro analysts: The maturity profile, combined with issuance tracker data, reveals the government’s net financing position and the pace of debt accumulation or reduction.
For the complete government amortization schedule, see the repayment schedule. For the broader debt sustainability picture, see the debt analysis.