Morning Commentary: Emerging markets generally quiet at open; Ghana notes edge up in early trading

By Rebecca Melvin

New York, May 11 – The Republic of Ghana’s newly priced notes edged up in trade on Friday.

The new Ghana 7 5/8% notes due 2029 moved up to 100.25 bid, 100.40 offered after the sovereign priced $1 billion of the notes at par, and the $1 billion of 8.627% notes due 2049 gained by a little more: they were quoted 100.50 bid, 100.80 offered by a London-based market source.

The Ghana notes priced tight compared to talk, which started in the low 8% area for the 2029 notes and in the low 9% area for the 2049 notes.

The Rule 144A and Regulation S notes were sold via bookrunners BofA Merrill Lynch, Citigroup, JPMorgan and Standard Chartered.

The remainder of the emerging markets was relatively quiet on Friday after a modest improvement in tone on Thursday following a weaker early part of the week that continued the previous week’s market rout.

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