The Government of Ghana (GoG), thebftonline.com has raised an amount of 438 million Cedis (110 million) in its ten – year Cedi Bond. The debut Cedi bond though was highly over subscribed was at a fixed yeild of 19.0 percent. Information available to thebftonline.com indicates that the offer which was also open to foreign investors, … Read more
Government has gotten more than the amount it was looking for in its historic 10-year bond with sources saying it had some GHC726 million worth of bid was realized from investors. The state, however, accepted GHC438 million which is more than the initial 200 million it was looking for. This is the first time, the … Read more
Government has raised 438 million cedis ($110 million) worth of bids for its first 10-year domestic bond issued today at a cost of 19 percent. The bond which will mature in 2026 was also opened to foreign investors. Citi Business News has gathered that the bond drew bids of 726 million cedis, far more than … Read more
Shanghai’s free trade zone will be the test bed for yuan-denominated bond trading targeting overseas investors this month when the city government issues no more than 3 billion yuan (US$442 million) of municipal bonds. The three-year bonds, to be used for debt swap, will target global investors and is the latest move by Shanghai to liberalize … Read more
The Minister of Finance, Seth Terkper has indicated that government will continue to use revenue from the country’s oil and gas resources to pay its borrowing. “We are going to continue to set aside the oil revenues to pay down some of the borrowing. There is nothing that says we should only be refinancing,” he … Read more
Wall Street recovered some losses on Friday but still closed lower, with U. S. stocks and the dollar falling after the Federal Bureau of Investigation said it would probe additional emails related to Democratic presidential candidate Hillary Clinton’s use of a personal email server while secretary of state. The dollar slipped against major currencies, including … Read more
The Finance Minister, Seth Terkper has strongly indicated that the government is seriously considering issuing diaspora bonds to raise cheaper funds in a bid to tap into the wealth of Ghanaian emigrants after the country’s first domestic dollar bond issued recently was deemed a success. “Diapora Bonds is feasible. We are looking at it. Everything … Read more
As the contention between some bankers and the Finance Minister continue over the issuance of local dollar denominated bond, Economist, Dr. Eric Osei-Assibey has warned that issuing such bonds must be measured. Criticizing the Finance Minister, the Managing Director of Stanbic Bank, Alhassan Andani cautioned that the move could lure Ghanaians to convert their local … Read more
AT&T saw some of its shorter-term outstanding bonds widen sharply in secondary trade Monday after the telecoms giant announced a blockbuster US$85bn acquisition of Time Warner. AT&T’s 2.8% 2021s were spotted at T+120bp, some 15bp wider than Friday’s close, according to one trading source, while its 4.125% 2026s were spotted at T+170bp or 7bp wider … Read more
Commercial banks are worried government is competing with them for dollars locally, following the successful issuance of the first domestic treasury dollar bond, which raised some US$94.6 million. “I disagree with Seth Terkper [Finance Minister] on this action. I think it is a wrong move. This is government competing directly with the banks for dollars,” … Read more
The left is undertaking an amazing back door plan to dramatically increase its influence over the Fed’s interest-rate-setting Open Market Committee. The key activist group, a division of the Center for Popular Democracy, is working to kick the bankers off the boards of directors of the district Federal Reserve banks. Those boards choose the presidents … Read more
Saudi Arabia attracted massive investor demand of about $67 billion on Wednesday for its first international bond offer, as the world’s top crude exporter allayed concern about the impact of low oil prices on its finances. A source familiar with the offer said order books had come close to the $69 billion record for an … Read more
Whereas government has given indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move – it … Read more
Whereas the government has given the indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move … Read more
The overwhelming success of government’s debut local dollar bond could serve as a precedent for bigger and longer term issuances, Kofi Awuku, a member of the book building team has said. The results of the bond issued last week beat government’s expectations by almost twice the US$50 million the state planned to raised; proving the … Read more
An economist, Dr John Gatsi, says the successes chalked by government in the issuance of Ghana’s first domestic dollar-denominated bond was due to what he termed as better incentives provided to investors. According to him, “the fact that the bond was denominated in the dollar was a very attractive strategy for investor.” Government last week … Read more
The government last week trapped additional foreign exchange into its vault when it issued a United States dollar-denominated bond on the local market to raise a total of $94.64 million at a coupon rate (interest rate) of six per cent. The offer attracted a total of 26 bids from resident investors only with a face … Read more
Government successfully issued a US Dollar denominated bond on the domestic bond market. ? ?The 2-year bond issued last Thursday was highly subscribed to an amount of $94.64 million at a coupon rate of 6 percent, which is consistent with the initial price range of between 5.5 percent and 6.5 percent.? On settlement, this 2-year … Read more
Government has raised a total of 96.4 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Total bids were 99.6 million dollars but government accepted 96.4 million dollars, above its original target of 50 million dollars. By this, the cost of the bond is lower compared to government’s last … Read more
The transaction is going on very well and the target of between 25 and 50 million dollars will be achieved. This is the assurance from the joint book runners of government’s first local dollar bond. The bond, which was issued last week Monday, is expected to close today. A statement on the issue from the … Read more