Africa’s first zero-coupon dollar bond is getting closer to reality, testing the appetite of credit investors to forgo income for a new kind of emerging-market risk.
Ghana is selling the four-year debt to international investors as part of a $3.025 billion Eurobond deal that also includes 20-year, 12-year and seven-year securities. Zero-coupon notes, which are usually sold at a deep discount to face value, are more volatile than bonds that pay regular interest.
