LONDON, Sept 19 (Reuters) - Angola will decide by

November whether to roll over its $1 billion total return swap

from JPMorgan ( JPM ), or potentially raise the money on international

capital markets, a senior debt official told Reuters.

JPMorgan ( JPM ) and Angola agreed in December a $1 billion,

one-year derivative contract known as a total return swap,

backed by $1.9 billion in government dollar bonds, which will

expire at the end of the year.

"We have some options," Dorivaldo Teixeira, General Director

of the Public Debt Management Unit at Angola's finance ministry,

told Reuters on the sidelines of investor meetings in London.

If market conditions were right, Angola could issue to raise

the funds, repay partially, or extend the current arrangement.

"It depends on the cost," he said. While he said the market

conditions for smaller, riskier issuers were improving with

yields "going in the right direction", he noted that the

JPMorgan ( JPM ) facility cost was lower than the country's eurobonds

and "if I can extend it, probably I will use it."