Which is the purpose of the credit line for purchasing NATB by BNA?

Enable small and medium-sized companies to transform NATB into cash, allowing the improvement of treasury management during COVID-19 pandemic period. Relevant legal framework is set forth in BNA Instruction 6/2020, of 6 April (“Instruction 6/2020”).

 

Which companies and NATB qualify as eligible?

Eligible companies:

Small and medium-sized companies in operation which hold eligible NATB.

Eligible NATB:

  • Issue date: 2019 or 2020;
  • Residual maturity: up to 4 years; and
  • Which are not pledged as collateral of banking loans.

 

Are there any other requirements?

Yes; please see other terms & conditions below:

  • Amount: AOA 100 billion;
  • Availability period: the credit line will be available:

Up to 3 months from the date of publication of Instruction 6/2020, or
Until full utilisation of the credit line,

whichever occurs first.

BNA may extend the availability period in justified cases.

  • Maximum available amount by company: a billion Kwanzas;
  • Trading conditions: BNA purchases NATB at par value, if yield until maturity is equal to or exceeds 18%; or at discount ensuring a minimum yield until maturity of 18%;
  • Intermediation fees: 0,1%.

 

Which are the procedures to follow to get the credit line?

The process begins with the Company submitting to the custodian bank an expression of interest to sell NATB to BNA.

The custodian bank is responsible for checking eligibility of the applicant company and NATB. Within 1 business day from receiving the expression of interest, the relevant custodian bank sends to BNA the information allowing the confirmation of eligibility.

BNA assesses the application and informs the relevant custodian bank of the decision of accepting, or not, the proposed sale of NATB.

The terms and conditions of the purchase by BNA are informed by the relevant custodian bank to the applicant company. The sale and purchase of NATB is completed in 2 business days.

 

To which department should be sent questions that may arise?

To Departamento de Mercados e Activos: dma@bna.ao.

 

 

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This information is being updated on a regular basis.

The information provided and the opinions expressed herein have been prepared with the help of VdA Legal Partners and are of a general nature. They are not in lieu of appropriate legal advice in connection with specific cases.