Angola did a strong job of stabilizing macro conditions in the aftermath of the late-2010s crisis, but over the past couple of years that stabilization has been fraying, with worsening external and fiscal conditions on the back of lower crude oil prices and weak petroleum production. In the absence of this year's big oil shock we would have expected renewed FX pressures and rising spreads and yields ... and Angola's best hope is that dollar crude prices stay solidly in the triple digits.