Morning Commentary: New BOAD adds in trade, but still under par; emerging markets quiet

By Rebecca Melvin

New York, July 21 – West African Development Bank’s newly priced 5% notes due 2027 traded up from issue but remained under par on Friday after the lender priced $850 million of the senior notes at 98.074.

The BOAD notes – the bank’s acronym based on its name in French – were 99.5 bid, 99.75 offered after being released for secondary dealings, but were not very liquid, a London-based source said.

In Central & Eastern Europe, Middle East and Africa, no new deals were heard to have priced, and nothing was added to the calendar.

“It’s quiet; summer is upon us,” the London source said.

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