Ghana
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Tweaking the deal to meet IMF’s debt criteria may not take long
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Bondholders have pushed for variable rate instruments, but governments are reluctant
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Ghana has learned the lessons of Zambia's debt restructuring
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There would still be hurdles and an agreement may even make defaults more likely
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Chinese creditors have demanded an end to the status enjoyed by multilateral lenders
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The government has sweetened terms for domestic creditors, perhaps at the expense of those overseas
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One investor says more delays in the ‘haphazard’ process will be cause for concern
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For the instrument to have a future, the process must be seen to have been fair
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Ghana may request up to a 30% principal haircut from investors
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African sovereign will exchange domestic bonds for new ones but no terms for Eurobonds yet
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A proposal to reduce principal payments and freeze coupons could be beyond what is necessary
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State-owned borrower signs loan after Ghana begins talks with IMF
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Banks were keen on the borrower despite Ghana’s financial woes
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Hopes IMF programme will help restore market access
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Three banks providing $250m loan with insurance support
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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.
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The Republic of Ghana, one of the few African sovereigns to have tapped capital markets last year, this week mandated banks to arrange a dollar bond. The multi-tranche bond, market participants say, will demonstrate investors’ appetite for high yield credit.
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A number of sub-Saharan African sovereigns are eyeing the Eurobond market, after a year that saw dismally low levels of capital markets issuance from the region. But investors are still on the hunt for yield, market participants say, which can be found in abundance in Africa.
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Ghana has secured two loan agreements, which are backed by the export credit agency of Italy, Sace. There is more room for the ECA-backed market to grow in the region, sources close to the deal said.
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Ghana Cocoa Board (Cocobod), the central organisation of Ghana’s cocoa industry, has raised its annual syndicated loan. But the borrower did not have an easy ride and had to concede much higher margins, according to bankers.
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Ghana Cocoa Board (Cocobod), which is in the market to refinance a one year $1.3bn loan facility signed in September, is facing troubles according to bankers on the deal, contrary to comments recently made by its chief executive.
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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.
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Ghana Cocoa Board's latest entry into international capital markets has been faced with delays as a result of coronavirus, according to bankers. The deal, which was meant to close at the end of January, will now likely close within a few weeks.
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Long duration bonds, such as Ghana’s 40 year tranche sold this week, are a great idea for African issuers, leaving the borrower’s ability to manage its debt in its own hands rather than at the whims of the market.
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The Republic of Ghana printed a $3bn triple trancher on Tuesday from a book that was $14bn at launch, in a deal that included the longest ever bond from sub-Saharan Africa.
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The Republic of Ghana has released price guidance for a dollar amortising triple tranche bond, including a deal with a 40 year weighted average life — the longest ever from a sub-Saharan African issuer, according to a lead manager on the note.
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The Republic of Ghana is visiting investors in the US and London with a plan to print a dollar benchmark. But the delegation’s rumoured size has led to surprises before the meetings have started.
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Ghana Cocoa Board, the central organisation for Ghana’s cocoa industry, will close a $600m syndicated loan this week, according to bankers. This loan is the borrower’s third outing in 12 months.
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Ghanaian cocoa agency, Ghana Cocoa Board (Cocobod), will raise a $600m loan from supranational and international lenders. The deal is Cocobod's third syndicated loan this year.
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Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.
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Ghana Cocoa Board, known as Cocobod, is likely to close its annual loan refinancing in September, and bankers expect it to have tight margins.
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Ghana Cocoa Board, the central organisation for Ghana's cocoa industry, is in the process of raising $1.3bn to refinance existing debt.
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Three sub-Saharan African credits hit screens this week after months of capital markets absence from the continent, riding a boost from the Federal Reserve and pulling off impressive transactions with more waiting in the pipeline.
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Ghana Cocoa Board has signed its first sustainability-linked loan facility, kick-starting this year’s environmental, social and governance financing in emerging markets. The deal emerges as a trio of global trade bodies have launched a set of standards to codify this fast-growing market segment, which some financiers are still trying to come to terms with. Mariam Meskin and Mike Turner report.
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Ghana became the first Sub-Saharan African sovereign to access the bond market this year on Tuesday, printing tranches of dollar paper on Tuesday and receiving one of the largest order books ever for a bond from the region.
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The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.
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The Republic of Ghana has picked banks for a bond deal and tender offer, preparing to become sub-Saharan Africa’s first sovereign issuer of the year. Benin is also believed to be eyeing a debut in the international bond market.
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Ghanaian banks’ avenues for dollar funding could be set to grow, after one of the country’s financial institutions entered into a total return swap with Société Générale that soothed over bottlenecks in its repo markets.
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Ghana is not preparing to issue 100 year bonds this year, according to deputy finance minister Charles Adu Boahen, but has not ruled them out for 2019, although the nation is looking at different opportunities to raise long term capital.
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Investors, bankers and traders have lined up to pour scorn on Ghana finance minister Ken Ofori-Atta’s expectations that the country will issue $5bn-$10bn of century bonds before the end of the year, the first part of a plan to sell $50bn of such bonds.
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Ghana Cocoa Board (Cocobod) signed its $1.3bn trade finance facility of Thursday, as the company prepares to start funding purchases for the coming harvest.
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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.
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The Republic of Ghana was set to price its dollar dual tranche bond as GlobalCapital went to press on Thursday evening, having picked a phenomenal day for a deal, with the bonds of several African sovereigns bouncing two points.
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The Republic of Ghana is taking advantage of a more stable day in emerging market currency trading to print its bond, though the country’s outstanding paper has widened during the roadshow.
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The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.
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The Republic of Ghana is heading off on a roadshow for 10 and 30 year bonds, with a tender offer for its existing 2022s and 2023s attached to the transaction.