Government to issue 3-year domestic bond

Government has announced it will issue a three year domestic bond.

It is unclear how much government intends to raise and what it intends to use the proceeds for.

The bond will be issued via the book building format and opened to resident and non-resident investors.

Books will close on short notice on Thursday, June 1st with final pricing and allocation while settlement is scheduled for Monday, 5th June, 2017.

All successful bids will clear at a single clearing level but there shall be discretionary allocation in the event of over subscription.

Each bond shall have a face value of one Ghana cedi with minimum bids valued at 50 thousand and multiples of GHC 1,000 thereafter.

The proceeds of the bond will be listed on the Ghana Stock Exchange.

The active bookrunners are Barclays, Strategic African Securities and Stanbic.