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Morning Commentary: Angola’s 2048 notes edge higher after add-on; MENA spreads widen
By Rebecca Melvin
New York, July 17 – The Republic of Angola’s 9 3/8% notes due 2048 traded “OK” on Tuesday, edging up after the sovereign priced a $500 million add-on to the issue that originally priced on May 2, according to a market source.
The new $500 million of notes represented the first new paper issued in the Middle East and Africa region in the past month, and the new notes priced at 102.76 to yield 9.1%.
The 9 3/8% issue traded as high as 103.875 on Tuesday before slipping back to 103.25 bid, 103.75 offered.
“Angola is doing OK,” a London-based trader said, adding that overall the MENA region was quiet.
MENA spreads were slightly wider owing to lower oil prices this week, the trader said. But overall the emerging markets debt space was called OK.
Goldman Sachs International (global coordinator), Deutsche Bank and ICBC were joint lead managers and bookrunners for the Rule 144A and Regulation S Angola deal.
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