Ghana times $2bn deal right to hit EM rally

Ghana flag_230
By Virginia Furness
11 May 2018

The Republic of Ghana raised $2bn with a dual tranche 10 and 30 year bond issue on Thursday, timing the deal well as emerging market assets rallied after several days of weakness.

Ghana finished investor meetings on Tuesday, but decided not to open books on the deal until it saw a supportive execution window on Thursday. Many hard currency sovereign bonds were trading up two cash points on the day, and Ghana’s own spreads tightened 30bp, according to a banker ...

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