The 182-day Bilhete do Tesouro (BT) occupies the middle of the short-term segment on Angola’s sovereign yield curve. Issued regularly by the Ministerio das Financas through the Banco Nacional de Angola (BNA), this zero-coupon instrument offers a step-up in yield over the 91-day BT while still maturing within six months.
| Indicator | Value | Change |
|---|---|---|
| Current Yield | ~16.0% | — |
| BNA Policy Rate | 17.5% | — |
| Last Auction | Feb 2026 | — |
| Demand/Cover Ratio | ~2.5x | — |
| Minimum Investment | AOA 1,000 | — |
How the 182-Day BT Works
Like all Bilhetes do Tesouro, the 182-day BT is a discount security. The investor purchases the bill at a price below par and receives the full face value at the end of the six-month term. At a yield of approximately 16.0%, the discount on an AOA 100,000 face-value bill would be roughly AOA 7,800, meaning the investor pays about AOA 92,200 upfront and collects AOA 100,000 at maturity.
The instrument is issued via competitive auction, typically on a biweekly schedule published in the BNA’s quarterly calendario de emissoes. Authorized primary dealers submit price-quantity bids, and the BNA determines a cut-off price. Non-competitive bids are filled at the weighted-average price, which allows smaller investors and those without dedicated fixed-income teams to access the prevailing market rate without the complexity of pricing.
Settlement is T+1 through the Sistema de Liquidacao de Titulos operated by BODIVA. All securities are held in dematerialized book-entry form at the central securities depository. The minimum investment is AOA 1,000.
Current Market Context
The BNA policy rate stands at 17.5%, and year-on-year inflation measured by the Instituto Nacional de Estatistica is approximately 15.7%. At a yield of around 16.0%, the 182-day BT offers a modest positive real return when annualized, although the margin is thin after accounting for the 15% withholding tax on interest income. Bid-to-cover ratios at recent auctions have averaged roughly 2.5x, indicating robust institutional demand – primarily from commercial banks and pension funds managing Kwanza-denominated liabilities.
The 182-day tenor has historically served as a barometer for monetary-policy expectations. When market participants anticipate rate cuts, the 182-day yield tends to compress faster than the 91-day BT, as investors lock in current rates for a longer period. Conversely, expectations of further tightening push the 182-day yield above the 91-day rate by a wider margin.
Who Should Buy
The 182-day BT suits investors who can commit capital for a six-month horizon and are seeking a yield pick-up over the shortest-dated government paper. Corporate treasurers with predictable cash-flow cycles often favor this tenor because it aligns with semi-annual budgeting periods. Banks use the 182-day BT to manage medium-term liquidity buffers beyond the immediate reserve window.
Retail investors looking for a higher return than standard savings accounts – but unwilling to take on the duration risk of multi-year OTNR bonds – will find the 182-day BT a practical middle ground. The sovereign credit guarantee means there is no counterparty default risk beyond the Republic of Angola itself.
Tax Treatment
The Imposto sobre a Aplicacao de Capitais (IAC) applies at 15% on the discount income earned. Because the 182-day BT has an original maturity of less than three years, it does not qualify for the reduced 10% IAC rate available on longer-dated bonds. Tax is withheld at source upon redemption, so investors receive net proceeds. No separate tax filing is required for the withholding; however, investors should confirm their obligations if they hold bills across multiple custodian institutions.
Comparison to Alternatives
| Feature | 91-Day BT | 182-Day BT | 364-Day BT | Bank Deposit (6M) |
|---|---|---|---|---|
| Indicative Yield | ~14.8% | ~16.0% | ~17.0% | 11–14% |
| Tenor | 3 months | 6 months | 12 months | 6 months |
| Liquidity | Very high | High | Moderate | Low |
| Credit Risk | Sovereign | Sovereign | Sovereign | Bank counterparty |
| IAC Tax Rate | 15% | 15% | 15% | 15% |
The 182-day BT typically yields 100–150 basis points above the 91-day BT and roughly 100 basis points below the 364-day BT. Against a comparable six-month bank term deposit, the BT generally offers a higher rate with lower credit risk, although bank deposits may offer more flexible withdrawal terms depending on the institution.
How to Buy
Three channels are available for acquiring 182-day BTs:
- Primary auction – Place competitive or non-competitive bids through an authorized primary dealer before the BNA auction deadline. The issuance calendar is published quarterly on the BNA website.
- Portal do Investidor – BODIVA’s online portal enables registered individual investors to submit non-competitive bids for new issuances and to buy or sell bills on the secondary market.
- Secondary market via BODIVA – Outstanding 182-day BTs trade on BODIVA’s mercado secundario. Liquidity is generally solid for recently issued series, though off-the-run bills may carry wider spreads.
Participation requires a securities account (conta de titulos) at an authorized custodian bank and a valid Numero de Identificacao Fiscal (NIF). For the latest auction results and calendar, consult the BNA or BODIVA platforms directly.