Angola sets pricing; Ghana eyes notes; Nitrogenmuvek on tap as FOMC stands pat on rates

By Rebecca Melvin

New York, May 2 – A pair of Africa sovereigns was in the emerging markets debt market early Wednesday, and the rest of the space was mostly quiet ahead of a policy update from the U.S. Federal Reserve released later in the day.

The U.S. central bank left its target range for the federal funds rate unchanged at 1½% to 1¾%, and said inflation is running close to its 2% target on the back of a labor market that has continued to strengthen and economic activity that is rising at a moderate rate.

The Republic of Angola was getting ready to price $3 billion of new notes at terms deemed to be cheap early Wednesday. The yield on its $1.75 billion tranche of 10-year notes was fixed at 8¼%, which was tightened from initial price talk in the 8½% area. And the yield on the $1.25 billion tranche of 30-year notes was fixed to yield 9 3/8%, which was tightened from initial price talk in the 9 5/8% area.

Meanwhile, the Republic of Ghana announced that it is holding a series of fixed-income investor meetings starting on Thursday for a planned offering of dollar-denominated 10- and 30-year notes.

Elsewhere, Veszprem, Hungary-based ammonia and fertilizer producer Nitrogenmuvek Zrt. was heard to be readying to price on Thursday a €200 million offering of seven-year notes.

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