No Result
View All Result
Monday, February 6, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

  • TECHNOLOGY

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

  • TECHNOLOGY

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

World Bank cash helps Ghana to successfully launch its 4th Eurobond

bycitibusinessnews
October 8, 2015
in Banking And Finance, Business, Local Economy, Top Stories
Seth Tekper, Finance Minister

Seth Tekper, Finance Minister

Share on FacebookShare on TwitterShare on Whatsapp

Ghana has finally succeeded in issuing its fourth Eurobond.

[contextly_sidebar id=”K0se0soQJzqLFH7duy78DKucdIRch3QN”]However it had to cut back on its initial figure to get a better rate for the bond

Government initially announced it would issue a 1.5 billion dollar Eurobond but ended up taking  1 billion dollars after getting 2 billion dollars from investors.

ADVERTISEMENT

It got a yield of 10 .7 percent as against the 11.5 percent investors demanded the week before.

However at 10.75 percent, the yield on the bonds is still much higher than government’s initial target of 8.5 percent and also higher than the previous one which had coupon rates of 8 and 8.5 percent for its two billion dollar- bond issued.

World-Bank newsThe World Bank’s guarantee of 400 million dollars on the bond as well as plans by government to set up an infrastructure fund to use proceeds from the country’s Eurobonds played a key role in Ghana getting that yield that is 10.75 percent.

However other countries including Poland and companies from Russia and Turkey who issued bonds this week received much lower yields between less than 1 and 6 percent.

Poland raised $1.97 billion of six-year notes at 0.94 percent.

Russia’s Norilsk Nickel paid 6.625 percent to raise $1 billion in a seven-year note, compared with a yield of 5.60 percent on its October 2020 bond.

Bloomberg reports that Turkcell Iletisim Hizmetleri AS is offering a 10-year bond at 5.95 percent and it is expected to price today, according to the person familiar with the deal.

The average yield on emerging-market sovereign bonds has dropped 50 basis points from this year’s peak on Sept. 29 to 4.76 percent on Tuesday, according to Bloomberg USD Emerging Market Sovereign Bond indexes.

The resurgence in issues this week follows a 34 percent slide in the third quarter to $62.4 billion as China’s surprise devaluation of the yuan in August roiled global markets, spurring demand for haven assets.

Investment banker and CEO of Hydefield Capital Limited, Mahama Iddrisu explained to Citi Business News how Ghana got a lower yield than the 11. 5 percent initially demanded by investors.

‘What happened is they are looking at the importance of the World Bank guarantee of 400 million dollars and that shows that least they have more than half of the interest on the bond of 1.5 and they are also looking at the infrastructure fund that government promised to set to be able to take care of the interest rate overflow. So these two will help them pay the interest’.  He said.

According to Finance Minister Seth Tekper, the World Bank partial guarantee of four hundred million dollars, enabled Ghana to borrow on reasonable terms, in a rather difficult market.

The Governor of the Bank of Ghana, Dr. Henry Wampah at the end of the pricing in New York expressed his satisfaction with the bond issue and the processes that led to its success.

Seth Tekper also adds that Ghana has now become the first sub-Saharan African country, outside South Africa, to issue a fifteen-year bond.

The bond is a soft amortizing one with tenure of fifteen years, to be paid off in 2028 and 2029.

About $334 million out of the total will be paid later in 2030.

The proceeds would be used for the refinancing of maturing domestic debt.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

 

Related Posts

Local Economy

Gold-for-oil: Govt spent $40m on first consignment – NPA

bycitibusinessnews

The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the...

Read more

Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

Government to securitize $3.3bn in Central Bank loans

Ghana withdraws $672m back-tax demand from MTN Group

Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

Deadline for debt exchange program moved to February 7 with new terms

Next Post
Bank of Ghana

We have released all DKM funds -BoG

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.