Angola Pays $200mn Margin Call After JPMorgan Bond-Backed Loan Hit

Angola injected nearly $200 million to meet a margin call on a $1 billion JPMorgan loan backed by its sovereign bonds, after oil price volatility sharply devalued the underlying debt. The finance ministry confirmed the payment was made in cash, reflecting Angola’s commitment to its contractual obligations. Falling crude prices—amid recession fears and rising global tariffs—have pushed Angola’s dollar bond yields close to 15%, echoing broader distress in emerging markets. The bond sell-off highlights the growing debt risks facing countries like Angola, which recently exited OPEC and now struggles to raise funds without resorting to high-interest debt or IMF bailouts. Some nations such as Kenya, Egypt and Pakistan have turned to IMF bailouts in the last year to limit the risk of refinancing their debts in the years ahead while committing to painful reforms. In recent months, many governments have also turned to private loans or other ways of raising money in the short term.

FT