The 91-day Bilhete do Tesouro (BT) is the shortest-dated and most liquid instrument in Angola’s sovereign debt market. Issued weekly by the Ministerio das Financas through the Banco Nacional de Angola (BNA), this zero-coupon security serves as the benchmark short-term rate for the entire Angolan yield curve.
| Indicator | Value | Change |
|---|---|---|
| Current Yield | ~14.8% | — |
| BNA Policy Rate | 17.5% | — |
| Last Auction | Feb 2026 | — |
| Demand/Cover Ratio | ~2.5x | — |
| Minimum Investment | AOA 1,000 | — |
How the 91-Day BT Works
The 91-day BT is a titulo de desconto – a discount instrument. Investors purchase the bill below its face value and receive the full par amount at maturity, with the difference representing interest income. For example, at a yield of approximately 14.8%, a bill with AOA 100,000 face value would be purchased at roughly AOA 96,370, returning the full AOA 100,000 after 91 days.
Settlement follows T+1 conventions through the Sistema de Liquidacao de Titulos managed by BODIVA, Angola’s debt and stock exchange. Bills are held in dematerialized form in the central securities depository (Central de Valores Mobiliarios). The minimum investment is AOA 1,000, making the instrument accessible to retail participants, although the bulk of volume comes from institutional investors – primarily commercial banks managing their liquidity positions.
New issuances are conducted via competitive auction. The BNA publishes an issuance calendar at the start of each quarter, and authorized dealers (operadores de mercado primario) submit bids specifying the quantity and the discount price they are willing to pay. Non-competitive bids at the weighted-average price are also accepted, giving smaller investors access to prevailing market rates.
Current Market Context
With the BNA reference rate at 17.5% and year-on-year inflation running at approximately 15.7% according to the Instituto Nacional de Estatistica, the 91-day BT yield of around 14.8% sits below the policy rate, reflecting strong demand for short-duration sovereign paper. The bid-to-cover ratio has averaged roughly 2.5x across recent auctions, indicating that institutional appetite continues to outstrip supply. This oversubscription pattern has compressed yields relative to the BNA rate, a trend that has persisted through much of 2025 and into early 2026.
The real return on this instrument – adjusting for headline CPI – is currently negative. However, many investors treat the 91-day BT as a cash-management vehicle rather than a real-return investment, valuing its near-money liquidity and sovereign guarantee.
Who Should Buy
The 91-day BT is best suited for investors who prioritize capital preservation and liquidity over yield. Commercial banks use it for statutory reserve management and short-term balance-sheet positioning. Corporate treasurers park excess Kwanza here when they anticipate near-term disbursements. Retail investors with a conservative profile may also find the 91-day tenor appealing as an alternative to standard bank deposits, which typically offer lower rates.
Investors seeking meaningful real returns or longer duration exposure should consider OTNR fixed-rate bonds or FX-indexed OTX securities instead.
Tax Treatment
Interest income earned on the 91-day BT is subject to the Imposto sobre a Aplicacao de Capitais (IAC) at a rate of 15%. Because BTs are discount instruments, the taxable amount is the difference between the purchase price and the face value received at maturity. The tax is withheld at source by the custodian bank, so investors receive net-of-tax proceeds upon redemption. There is no reduced rate for short-dated bills; the 10% preferential IAC rate applies only to bonds with original maturities exceeding three years.
Comparison to Alternatives
| Feature | 91-Day BT | 182-Day BT | Bank Term Deposit |
|---|---|---|---|
| Indicative Yield | ~14.8% | ~16.0% | 10–13% |
| Liquidity | Very high | High | Low (penalty for early withdrawal) |
| Credit Risk | Sovereign | Sovereign | Bank counterparty |
| IAC Tax Rate | 15% | 15% | 15% |
| Minimum Amount | AOA 1,000 | AOA 1,000 | Varies |
Compared with longer-tenor treasury bills or the Eurobond curve, the 91-day BT offers the highest liquidity and the lowest duration risk but sacrifices yield. For investors who can tolerate a six-month lockup, the 182-day BT typically provides 100–150 basis points of additional return.
How to Buy
Investors can access the 91-day BT through three channels:
- Primary auction – Submit bids through any authorized dealer bank before the BNA auction deadline. Non-competitive bids are available for investors who accept the weighted-average price.
- Portal do Investidor – BODIVA’s online platform allows registered individual investors to place non-competitive orders directly for new issuances and to trade on the secondary market.
- Secondary market via BODIVA – Outstanding 91-day BTs trade on the mercado secundario operated by BODIVA. Liquidity is generally good, and bid-ask spreads for on-the-run issues are typically narrow.
To participate, investors need a securities account (conta de titulos) at an authorized custodian bank and a taxpayer identification number (Numero de Identificacao Fiscal, or NIF). Non-resident investors should confirm eligibility and any applicable repatriation procedures through their custodian before participating.