Markets
Print 2020-02-09
Ghana draws strong demand as sells $3 billion in Eurobonds
Ghana drew strong demand for an issue of hard-currency debt, raising $3 billion in a eurobond auction that the government said on Wednesday was five times oversubscribed. It sold $1.25 billion in seven-year bonds at a coupon of 6.375% in Tuesday's sale, a
Ghana drew strong demand for an issue of hard-currency debt, raising $3 billion in a eurobond auction that the government said on Wednesday was five times oversubscribed. It sold $1.25 billion in seven-year bonds at a coupon of 6.375% in Tuesday's sale, as well as $1 billion in 15-year bonds with a coupon of 7.875% and $750 million in 41-year paper with a coupon of 8.875%.
The 41-year paper is the longest-dated bond for an African country, the government said in a statement. Simon Quijano-Evans, chief economist at Gemcorp Capital LLP in London, called the sale "a clear vote of confidence from the market... even if cash ratios do appear to be high among funds."
Comments
Comments are closed.