This page provides a consolidated archive of Bilhete do Tesouro (BT) auction outcomes. The Ministerio das Financas conducts regular primary auctions through the Banco Nacional de Angola (BNA), and results are published on the BODIVA platform following each session.

Auction Framework

Angola’s treasury-bill auctions follow a discriminatory-price (multiple-price) format. Authorized primary dealers (operadores de mercado primario) submit sealed bids specifying the face-value amount and the discount price they are willing to pay. The BNA ranks bids from highest price (lowest yield) to lowest price (highest yield) and fills orders until the target issuance volume is reached. Each winning bidder pays the price they submitted, meaning there is no single clearing price – hence the term leilao discriminatorio.

Non-competitive bids are also accepted. These bids specify a quantity only, and they are filled at the weighted-average price of competitive bids. The non-competitive window gives smaller banks, institutional investors, and – through the Portal do Investidor – retail participants a way to access the auction without pricing risk. Non-competitive allocations are typically capped at a percentage of the total issuance amount, as set by the BNA for each auction.

The quarterly calendario de emissoes published by the BNA specifies auction dates, tenors, and indicative volumes for 91-day, 182-day, and 364-day BTs. Auctions for the 91-day tenor are generally held weekly, while the 182-day and 364-day tenors follow biweekly or monthly schedules depending on the government’s financing needs.

Key Auction Metrics

Each auction result publication includes several data points that investors should monitor:

The taxa de cobertura (bid-to-cover ratio) is the single most-watched figure. A ratio above 2.0x generally indicates healthy demand; recent auctions across all three BT tenors have averaged approximately 2.5x, reflecting persistent institutional appetite for short-dated sovereign Kwanza paper.

Recent Yield Trends

As of early 2026, BT yields have been trending below the BNA policy rate of 17.5%. The 91-day BT has cleared at roughly 14.8%, the 182-day at approximately 16.0%, and the 364-day near 17.0%. This inverted relationship between the shortest bills and the policy rate reflects excess liquidity in the banking system – commercial banks, flush with Kwanza deposits, aggressively bid for safe short-duration assets, compressing yields.

Analysts tracking the yield curve use the spread between the 91-day and 364-day BT as a proxy for term-premium expectations. The current spread of roughly 220 basis points is moderate by historical standards, suggesting the market expects gradual disinflation but is not pricing in aggressive rate cuts in the near term.

Tax and Settlement Context

All BT auction proceeds are subject to the Imposto sobre a Aplicacao de Capitais (IAC) at 15% on discount income. Tax is withheld at source upon redemption. Settlement for primary auction allocations follows T+1 conventions through BODIVA’s clearing infrastructure. Secondary trading of bills after issuance also occurs on BODIVA’s exchange platform, with the same T+1 settlement cycle.

How to Access Auction Data

Official auction results are published by the BNA and BODIVA within hours of each session. The BODIVA Portal do Investidor provides downloadable summaries including prices, yields, and allocation volumes. Investors can also request historical data through their custodian bank or primary dealer. For broader fixed-income market context – including OTNR bond yields and OTX FX-indexed securities – the BODIVA platform is the authoritative source.

Participation in future auctions requires a securities account (conta de titulos) at an authorized custodian and a taxpayer identification number (Numero de Identificacao Fiscal, or NIF). The non-competitive bid channel through the Portal do Investidor is the simplest entry point for individual investors who want to buy at the prevailing market rate without engaging in the competitive pricing process.