Ghana's 'ambitious' multi-trancher ‘priced to go’

By Mariam Meskin
29 Mar 2021

The Republic of Ghana entered the bond market on Monday to sell a multi-tranche dollar bond, which some market participants have called “ambitious”. Some believe the issuer is putting size before price as it tries to locate funding for its 2021 budget.

Ghana, rated B3/B-/B, is seeking a Reg S/144A multi-tranche deal, consisting of four, seven, 12 and 20 year tranches.

Initial price thoughts on the zero-coupon April 2025 tranche were set at a price of mid-70 cents. On the other three tranches, IPTs were 8% area on the April ...

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