The 364-day Bilhete do Tesouro (BT) is the longest-tenor discount instrument issued by the Ministerio das Financas through the Banco Nacional de Angola (BNA). Sitting at the far end of the bill curve, it bridges the gap between short-term money-market paper and the multi-year OTNR bond segment.
| Indicator | Value | Change |
|---|---|---|
| Current Yield | ~17.0% | — |
| BNA Policy Rate | 17.5% | — |
| Last Auction | Feb 2026 | — |
| Demand/Cover Ratio | ~2.5x | — |
| Minimum Investment | AOA 1,000 | — |
How the 364-Day BT Works
The 364-day BT is a zero-coupon, pure-discount security. Investors buy the bill below its face value and receive par at maturity, with the difference constituting interest income. At a yield of approximately 17.0%, an investor purchasing AOA 100,000 in face value would pay roughly AOA 85,470 upfront and collect the full AOA 100,000 after 364 days – a gross return of about AOA 14,530.
Issuance follows the same competitive auction framework used for shorter-tenor BTs. The BNA publishes a quarterly calendario de emissoes specifying auction dates and indicative volumes. Authorized primary dealers (operadores de mercado primario) submit price bids, and the BNA sets a cut-off price that determines the clearing yield. Non-competitive bids are filled at the weighted-average auction price, providing access for investors who prefer to accept the market rate rather than speculate on pricing.
Settlement occurs T+1 via the Sistema de Liquidacao de Titulos on BODIVA. Securities are held in dematerialized form at the central depository. The minimum investment is AOA 1,000, though in practice most institutional participants transact in much larger sizes.
Current Market Context
With the BNA reference rate at 17.5% and headline inflation at approximately 15.7%, the 364-day BT yield of around 17.0% delivers a slim positive real return before tax. After the 15% IAC withholding, the net yield drops to roughly 14.5%, which is below the current inflation rate – meaning the after-tax real return is slightly negative. Despite this, demand remains firm: bid-to-cover ratios have averaged approximately 2.5x, driven by institutional investors who need to match longer-duration Kwanza liabilities and are willing to accept thin real margins in exchange for sovereign credit quality.
The 364-day BT is closely watched by analysts as an indicator of one-year inflation and rate expectations. When the spread between the 364-day yield and the 91-day BT widens, it often signals that the market is pricing in persistent inflation or delayed monetary easing. The current spread of roughly 220 basis points suggests moderate concern about near-term disinflation momentum.
Who Should Buy
The 364-day BT appeals to investors comfortable with a one-year capital lockup who want the highest yield available in the bill market without moving into multi-year fixed-rate bonds. Insurance companies managing annual premium cycles, pension funds building Kwanza-denominated ladders, and corporate treasurers with surplus cash beyond a six-month horizon are typical buyers.
Retail investors who do not need liquidity within the year may prefer the 364-day BT over bank term deposits, which generally offer lower rates for comparable maturities. However, investors who anticipate that the BNA may cut rates significantly over the coming year might consider whether locking in at 17.0% for twelve months is preferable to rolling shorter-dated 91-day or 182-day BTs that could reset at lower yields.
Tax Treatment
Interest income on the 364-day BT is subject to the Imposto sobre a Aplicacao de Capitais (IAC) at 15%. The tax base is the discount – the difference between the purchase price and the face value received at maturity. Tax is withheld at source by the custodian bank. Because the 364-day BT has an original maturity of less than three years, it does not qualify for the reduced 10% IAC rate that applies to longer-dated sovereign bonds. Investors holding multiple bills across different custodians should verify that withholding has been applied correctly on each position.
Comparison to Alternatives
| Feature | 182-Day BT | 364-Day BT | 2-Year OTNR | Bank Deposit (12M) |
|---|---|---|---|---|
| Indicative Yield | ~16.0% | ~17.0% | ~20.0% | 12–15% |
| Tenor | 6 months | 12 months | 2 years | 12 months |
| Coupon Structure | Discount | Discount | Semi-annual fixed | Interest at maturity |
| Liquidity | High | Moderate | Moderate | Low |
| IAC Tax Rate | 15% | 15% | 15% | 15% |
The 364-day BT yields roughly 100 basis points above the 182-day BT and approximately 300 basis points below the 2-year OTNR. The step up to the 2-year OTNR comes with significantly more duration risk and a shift from discount to coupon-bearing structure, but for investors willing to extend maturity, the additional yield may compensate for the extra rate sensitivity.
How to Buy
Three acquisition channels are available:
- Primary auction – Submit competitive or non-competitive bids through an authorized dealer bank ahead of the BNA auction deadline. The quarterly issuance calendar is published on the BNA website.
- Portal do Investidor – BODIVA’s online portal allows registered individuals to place non-competitive orders for new issuances and to access secondary-market trading.
- Secondary market via BODIVA – Outstanding 364-day BTs trade on the mercado secundario. On-the-run issues typically have reasonable liquidity, while older series may see thinner activity.
A securities account (conta de titulos) at an authorized custodian and a valid taxpayer identification number (Numero de Identificacao Fiscal, or NIF) are required. For historical pricing and the latest auction results, consult the BODIVA or BNA platforms.