According to Ministerial Order No. 11/20 of 14 July, the issue, placement and redemption of Treasury Bonds 2020 - BPC Early Redemption - "is intended for the early redemption of securities held by the BPC".
The Savings and Credit Bank is the largest publicly owned bank in the country that has been recapitalized by the State for years and has a large portfolio of non-performing loans.
The debt transaction will be repaid with a fixed interest rate of 16.5 percent per annum on the nominal value, the process of which should take place over four years “without adjustment”.
The legal diploma signed by the Minister of Finance, Vera Daves de Sousa, notes that the action follows the combined provisions of the Law on the Legal Regime of the Issuance and Management of Direct and Indirect Public Debt and after consulting the National Bank of Angola (BNA).
According to the Ministry of Finance, it is a direct issuance of the debt, in book-entry form, in favor of the BPC, making the placement at the issue value, without discount, through registration of ownership with the BNA.
“With the said registration, the BPC's capitalization process came to fruition”, reads in the order.
The administrative and executive tasks related to the issuance and service of operations related to the deployment of said General Obligation are assigned to BNA.
The BPC, according to Executive Decree No. 207/20, of 14 July, of the Ministry of Finance, holds a TO portfolio worth over 207 billion kwanzas.
