Angola says to issue $4 bln in medium-term bonds

LUANDA (Reuters) - Angola said on Wednesday it will issue $4 billion in medium-term bonds in the international market between December 2009 and June of next year.

The bonds are to be issued in two tranches of up to $2 billion each, according to a government statement released after a weekly council of ministers meeting.

"The council of ministers has authorized this Wednesday the issuance of medium-term bonds in the international capital markets," the statement said. It provided no further details.

Angola, which rivals Nigeria as Africa's biggest oil producer, has struggled to sell around $9 billion in bonds, mostly to domestic banks, this year to rebuild the war-torn nation following a sharp drop in oil prices last year.

The country does not have a credit rating from any of the major credit rating agencies.