Case study

Retained to secure access to Angola’s money‐market, then closed to foreign investors, Rhombus engaged with three successive finance ministers and the Banco Nacional de Angola over an 18‐month period, emphasizing the economic and political dividends to be gained from permitting offshore participation. The sustained campaign achieved the following results:

• Central bank finally issued Circular No. 04‐05, paving the way for the issuance to Rhombus’ client, the following week, of the first ever Licença para importação de capitaís (No. DCC/DCEX/01‐01‐06).
• The client promptly established a position in Bilhetes do Tesouro (Kwanza‐denominated Treasury instruments), at a double‐digit nominal yield, in the context of a declining CPI and an appreciating Kwanza exchange rate.
• Unwound 33 months later, historic trade generated an unlevered total return of 21.2% in US Dollars.