| 1 | USD INDEXED BOND

MATURITY 2019 - 2023

COSTS 1,50%

| 2 | BNI TERM DEPOSITS

6M 12M

100K - 5M

>5M - 50M

>50M - 100M

100M+

AMOUNT 1M 2M 3M

10,90%

11,40%

11,90%

12,40%

11,05%

11,55%

12,05%

12,55%

11,20%

11,70%

12,20%

12,70%

11,35%

11,85%

12,35%

12,85%

11,50%

12,00%

12,50%

13,00%

01 02 CROSS CURRENCY MATRIX

BNI: INVESTMENT OPPORTUNITIES

OIL DEMAND (FUTURES)

07th October 2019

Source: XECurrency

0403

Graphic 2 | Source: NASDAQ Source: XECurrency

MARKET ANALYSIS0605

MARKET BULLETIN

BOND MARKET07BT - Treasury Bills

BT - Treasury Bills

BT - Treasury Bills

OTX - Bonds Indexed to USD

OTX - Bonds Indexed to USD

OTX - Bonds Indexed to USD

91 DAYS

182 DAYS

364 DAYS

3 YEARS

4 YEARS

5 YEARS

16,15%

20,25%

23,90%

7,00%

7,50%

7,75%

With the end of the summer-driving period taking away a key factor supporting demand, hedge fund bets on a crude price rally in New York and London have plunged to the lowest in eight months, data released Friday show (Graphic nº 1). Meanwhile, U.S. gasoline consumption is at its lowest since March. “We are heading into a seasonally weak demand period,” said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle. “The biggest driver is gasoline consumption.”

West Texas Intermediate futures in New York and Brent crude in London have slumped more than 15% since an attack on Saudi premises sent prices surging in mid-September. The prospect of less crude being processed into fuel in the coming months comes amid mounting concern that global growth is slowing down, with the U.S. and China locked in a tit-for-tat trade war which is driving oil prices lower (Graphic nº 2).Further price declines may put Saudi Arabia and Russia in the tough position of weighing further production cuts that would compromise their market share.

In August, the balance of payments goods account recorded a surplus of USD 1.48 billion, with total exports of USD 2.55 billion and imports of USD 1.07 billion (Graphic nº 3). This has been the pattern of recent months in line with the state objective of lowering the level of imports and increasing “production of commodities such as rice, sugar and beans”.

BNI - Direcção Financeira Internacional

CERTIFICAÇÃO INTERNACIONAL DE QUALIDADE

BNI - Banco de Negócios InternacionalAvenida Che-Guevara nº 42 - A, Bairro Maculusso, Distrito da Ingombota. Caixa Postal 578. Luanda - AngolaTel: (+244) 222 632 900 / (+244) 222 632 901 / Fax: (+244) 222 371 887

www.bni.ao

PASSION FOR ANGOLA.To realise, develop and participate in Angola’s growth.This is where we apply our passion. To always do better.

Graphic 1 | Source: CFTC, ICE

Graphic 3 | Source: BNA

BRENT OIL PRICES

APP BNI NETNew features.Use APP BNI and have your bank a click away.Quickly and easily.

AOA

USD

GBP

EUR

ZAR

1 00000,

0,00262

0,00213

0,00239

0,03980

381,023

1,00000

0,81315

0,91195

15,1629

468,573

1,22978

1 00000,

1,12150

18,6470

417,811

1,09655

0,89167

1,00000

16,6269

25,1287

0,06595

0,05363

0,06014

1,00000

1 AOA 1 USD 1 GBP 1 EUR 1 ZAR0.7M

0.6M

0.5M

0.4M

0.3M

0.2

Jan Fab Mar Apr May Jun Jul Aug Sep 2019

Sep 10 Sep 12 Sep 16 Sep 18 Sep 18 Sep 24 Sep 26 Sep 30 Oct 02 Oct 04

PreviousClose$58.37

67.5

65

62.5

60

57.5

55

BALANCE OF PAYMENTS (JUL)

-2 000 000 000,00 -1 000 000 000,00 - 1 000 000 000,00 2 000 000 000,00 3 000 000 000,00

Import

Export