According to the statement signed by Patrick Nomo, Acting Chief Director of the ministry, the five-year bond was raised at a yield of 9.25 percent.
Although the bond was oversubscribed, the government decided to receive only 750 million dollars of the total bids.
“The bond was oversubscribed, with orders exceeding 4.0 billion dollars, compared to a target issuance size of 750 million dollars. This represents an oversubscription of more than five times, indicating the high appetite for Ghana’s credit,” the statement added.
This is the fifth Eurobond issued by the West African gold, cocoa and oil exporting country after its maiden bond issue of 750 million dollars in 2007.
The principal of the bond is expected to be repaid in three equal installments of 250 million dollars each in September 2020, September 2021 and September 2022. Enditem
Source: Xinhua/News Ghana
