Ghana’s $2 billion notes trade narrowly mixed; Egypt’s notes slightly tighter on the day

By Rebecca Melvin

New York, May 11 – The Republic of Ghana’s newly priced series of notes traded narrowly mixed on Friday. The new Ghana 7 5/8% notes due 2029 moved up to 100¼ bid, 100.40 offered after the sovereign priced $1 billion of the notes at par on Thursday, and the $1 billion of 8.627% notes due 2049 were seen both a little higher at 100½ bid, 100.80 offered, but also quoted lower at 99.87 bid, 100.3 offered, according to London-based sources.

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.

Egypt, which priced €2 billion of senior notes at par on April 9, was somewhat better on Friday. The Egypt 4¾% notes due 2026, which priced on April 9, were quoted at 96¾ bid, 97¾ offered, with a spread that was tighter by 8 basis points on Friday. Its sister tranche, the Egypt 5 5/8% notes due 2030, were quoted at 96.62 bid, 97.62 offered, and the spread was in by 4.4 bps on the day.

Elsewhere in the Middle East & Africa region, the primary market was largely quiet, marking a shift from strong issuance in April and for the year to date.

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