Morning Commentary: Pricing of Tajikistan dollar notes seen in 7½% area; secondary market ‘solid’

By Rebecca Melvin

New York, Sept. 7 – Emerging primary markets were eyeing a debut deal for the Republic of Tajikistan, which was offering a dollar-denominated benchmark guided to yield in the 7½% area.

A syndicate source said the Tajikistan deal had not priced yet, but another market source said pricing was expected on Thursday.

In existing paper, the emerging markets had a “solid” market tone although not as strong as on Wednesday, MUFG analyst Trieu Pham wrote in a note.

Market players watched for policy shifts from the European Central Bank, which announced it was leaving rates unchanged on Thursday and said it expected to decide on how long to extend its bond purchasing program at its meeting in October.

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