May 10, 2018 / 9:27 AM / 10 months ago

UPDATE 1-Ghana begins marketing dual-tranche US dollar bond

(Adds details on the tender offer)

By Sudip Roy

LONDON, May 10 (IFR) - Ghana has opened books on a US dollar dual-tranche offering comprising amortising bonds with 10 and 30-year average lives, according to a lead.

The African sovereign is marketing a benchmark May 2029 bond in the low 8% area yield and a benchmark May 2049 tranche in the low 9% area.

The 144A/Reg S deal is today’s business via Bank of America Merrill Lynch, Citigroup, JP Morgan and Standard Chartered.

Ghana is rated B3/B-/B.

The deal follows a tender offer for its 2022 and 2023 bonds. Ghana announced on Wednesday that it has received valid tenders of just over US$702m for its US$750m 9.25% 2022 notes.

Ghana, however, terminated the invitation to holders of its 2023s and will not accept for purchase any of the bonds.

Reporting by Sudip Roy, editing by Philip Wright

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