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Ghana Eurobond Return More Than Five Times Oversubscribed

  • Government sells bond at 9.25% to pay debt, fund projects
  • Ghana last month abandoned sale plans due to price demanded
Updated on

Ghana raised $750 million selling Eurobonds at a yield of 9.25 percent in an auction that was more than five times oversubscribed, a month after abandoning plans to issue debt due to the price demanded by investors. Yields on the nation’s existing dollar bonds fell to 14-month lows.

The country received orders exceeding $4 billion for the bond that will be repaid in three equal installments between September 2020 and the same month in 2022, the Ministry of Finance said in an e-mailed statement on Thursday. The proceeds will be used to refinance existing debt and fund capital investments, the ministry said earlier in the day.