It may not be the best time for Ghana to market its fourth Eurobond in as many years. Yields on the West African country’s securities due August 2023 have climbed 268 basis points this year to 14.93 percent, compared with the average increase of 44 points to 7.46 percent for emerging-market high-yield sovereigns. The spread over comparable U.S. Treasuries, the benchmark investors use to price new issues, has more than doubled in the past year.

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