Outstanding Government Securities by Instrument Type
The total stock of outstanding government securities provides a comprehensive view of Angola’s domestic debt market size, composition, and the relative weight of each instrument type. This data is essential for understanding supply dynamics, assessing rollover risk, and identifying which segments of the market offer the most liquidity.
Total Debt Context
Angola’s total public debt stands at $61.93 billion (debt-to-GDP ratio of 59.9%), of which $45.57 billion is external. The domestic securities market — comprising BTs, OTNRs, and OTX bonds — accounts for the remainder of approximately $16.36 billion equivalent in kwanza.
Outstanding Stock by Instrument
| Instrument | Description | Maturity Range | Yield Range |
|---|---|---|---|
| BT 91-day | Short-term discount bills | 3 months | ~17.5% |
| BT 182-day | Short-term discount bills | 6 months | ~18.0% |
| BT 364-day | Short-term discount bills | 12 months | ~18.5% |
| OTNR 2-year | Fixed-rate kwanza bonds | 2 years | ~19.0% |
| OTNR 3-year | Fixed-rate kwanza bonds | 3 years | ~19.5% |
| OTNR 5-year | Fixed-rate kwanza bonds | 5 years | ~20.5% |
| OTNR 7-year | Fixed-rate kwanza bonds | 7 years | ~21.0% |
| OTNR 10-year | Fixed-rate kwanza bonds | 10 years | ~22.0% |
| OTX USD-indexed | USD-indexed treasury bonds | 2-7 years | 7-9% |
| OTX EUR-indexed | EUR-indexed treasury bonds | 2-5 years | 6-8% |
Composition Analysis
Short-Term Securities (BTs)
Bilhetes do Tesouro represent the most frequently issued and rolled segment of the domestic debt market. Their weekly auction cycle means the outstanding stock is in constant turnover. BTs serve multiple functions in the market:
- Government cash management — Smoothing revenue and expenditure timing mismatches
- Monetary policy transmission — BNA uses BTs as collateral in repo operations, making them the primary vehicle for short-term liquidity management
- Banking system anchor — Commercial banks hold BTs as part of their liquid asset portfolios, with the 91-day BT being the most widely held
Medium- and Long-Term Securities (OTNRs)
OTNRs represent the core of the government’s term funding strategy. The outstanding stock is distributed across the 2-10 year maturity spectrum, with the 2-3 year segment typically carrying the largest outstanding volume due to consistent institutional demand from pension funds and insurance companies.
Key considerations for the OTNR stock:
- Coupon burden — With yields of 18-22%, the outstanding OTNR stock generates substantial semi-annual coupon obligations for the government
- Maturity clustering — Some years carry heavier OTNR maturities than others, creating uneven refinancing pressure (see maturity calendar)
- Limited secondary market turnover — Despite the large outstanding stock, secondary market trading remains thin, with most OTNRs held to maturity
USD- and EUR-Indexed Securities (OTX)
OTX bonds occupy a unique position as domestically issued instruments with foreign currency indexation. The outstanding OTX stock has grown as MINFIN has tapped strong demand from investors seeking currency protection:
- USD-indexed OTX — The larger segment, yielding 7-9%, with demand driven by both domestic banks and foreign investors
- EUR-indexed OTX — A smaller outstanding stock, reflecting the more limited euro-denominated trade and investment flows into Angola
Data Sources
Outstanding stock data is published by:
- BNA — Monthly statistical bulletins include aggregate outstanding government securities data
- MINFIN — The Ministry of Finance publishes issuance and redemption data through its debt management office
- BODIVA — Listed securities data includes outstanding amounts for each traded series
For issuance trends, see the government issuance tracker. For the debt sustainability picture, see the debt analysis.