Cocobod lenders weigh up underwriting risk

AdobeStock_cocoa_Ghana_575x375_24June2020
By Mariam Meskin
24 Jun 2020

Ghana Cocoa Board (Cocobod), the central organisation for Ghana’s cocoa industry, is in the process of raising its annual syndicated loan, but bankers say the borrower is running into difficulty as lenders’ risk appetite weakens.

Cocobod is raising a one year syndicated loan — as it has done every year for the past two decades. Last September, it raised a $1.3bn facility from a range of international lenders. The margin was 55bp, according to bankers.

Bookrunners were MUFG, Natixis, Nedbank, Rabobank and Société ...

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