(Bloomberg) — Angola raised $1.75 billion in overseas debt, becoming the second African nation to tap the Eurobond market since the start of the war in Ukraine.

The 10-year debt offering, the first since 2018, was priced to yield 8.75%, less than the initial guidance, and was more than two-times oversubscribed. The sale came after the nation, Africa’s second-biggest oil producer, completed a program with the International Monetary Fund last year and its economy recovers from a recession on the back of higher crude prices.

The sale follows on the heels of a similar debt issue from Nigeria, the continent’s top oil producer, which was the first African country to tap the Eurobond market since Russia’s invasion of Ukraine in late February.

“The strong demand in this debt sale shows that Angola clearly remains on investors’ radar screens when looking at sub-Saharan African countries,” said Tiago Dionisio, a Lisbon-based analyst at Eaglestone Advisory SA. “It’s a positive step for Angola.”

Angola has said the proceeds of the sale will be used to refinance or repay outstanding debt or for its budget. The Angolan government plans to buy back as much as $750 million of Eurobonds due in 2025 and 2028 after issuing one or two new U.S.-dollar denominated notes, it said in a statement on March 31.

Angola’s Finance Ministry said in a presentation in February that it planned to raise $2.8 billion by selling foreign-currency denominated bonds in the first quarter.

The nation’s economy is forecast to expand 2.9% this year after exiting five years of recession in 2021, according to the IMF. S&P Global Ratings upgraded the country’s debt on Feb. 4, while Fitch Ratings marked up its assessment the previous month.

Angola appointed Citigroup Global Markets Ltd. and Deutsche Bank AG to serve as dealer managers for the offers.

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