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Business News Wed, 12 Feb 2020

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Government to rollover 2-year bond

After successfully raising US$3 billion Eurobond last week which was heavily oversubscribed 5-fold, the Government of Ghana through the Bank of Ghana will rollover a 2-year Government of Ghana bond which is expected to mature in 2022.

It is however unclear how much the government is seeking to raise, but that will depend on the amount of bids and the demand yield.

The bond issuance which is cedi-denominated and opened to both resident and non-resident investors is expected to be used largely to retire maturing debts.

Each bond is expected to have a face value of GHC1 with a minimum bid of GHC50,000 and multiples of GHC1,000 thereafter.

Class Business believes the bond will attract a favorable yield based on the fundamentals of the economy and the current investor confidence.

Barclays, Databank, Fidelity, IC Securities and Stanbic are the joint book runners of this deal.

The bond will be listed on the Ghana Stock Exchange thereafter.

Source: Class FM

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