Reuters logo
UPDATE 1-Ghana sells 3.42 bln cedis ($790 mln) 15-yr local bond debut
March 31, 2017 / 5:49 PM / 7 months ago

UPDATE 1-Ghana sells 3.42 bln cedis ($790 mln) 15-yr local bond debut

(Adds details)

ACCRA, March 31 (Reuters) - Ghana raised 3.42 billion cedis ($790 million) from a debut 15-year domestic bond issued on Friday, paying a yield of 19.75 percent, lead arrangers said. The West African oil, gold and cocoa exporter also accepted 1.45 billion cedis worth of bids ($335 mln) for a concurrent 7-year local bond at a yield of 19.75 percent as part of renewed efforts to use longer maturities to rebalance its finances. Ghana is more than halfway through a three-year $918 million aid deal with the International Monetary Fund aimed at helping it tackle its high deficits, widening public debt and high inflation. Friday’s bond sales, which were open to foreign investors, were conducted through a book-building arranged by Barclays Bank Ghana, Stanbic Ghana and Accra-based brokerage firm Strategic African Securities. Settlement will be on Monday. The government of President Nana Akufo-Addo, who assumed office in January, plans to issue domestic securities worth 22.25 billion cedis ($5.1 bln) in the second quarter, of which 14 billion cedis will be used to roll over maturing debt. It has earmarked 2.55 billion cedis to finance its budgetary requirements and 5.6 billion to build buffers for liability management, the Finance Ministry said on Friday. ($=4.3300 cedis) (Reporting by Kwasi Kpodo; Editing by Joe Bavier and Hugh Lawson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below