Ghana guides to 'very high' 8.125% for 10 year
Ghana has released price guidance of 8.125% area for a 10 year bond. One analyst labelled the level as generous compared to where Nigeria trades, but lead managers say it equates to a new issue premium of zero to 49bp, depending on the estimate of fair value for the outstanding $750m 8.5% 2017s.
Citi are arranging the deal.
management trade on the 2017s may take place after the new issue is sold,
rolling up to $250m of the old paper into the new deal and increasing its total size.
If that LM trade does go ahead, lead managers have indicated a cash
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