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Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

Moses Mozart DzawuBloombergFebruary 5, 2020

Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

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Ghana sold sub-Saharan Africa’s longest-ever Eurobond as part of a $3 billion deal that was almost five times oversubscribed.

West Africa’s second-biggest economy issued a $750 million tranche, which amortizes and has an average life of 40 years, at 8.875%, making it the highest-yielding sovereign dollar bond so far this year. Pricing was reduced from the initial talk of 9.4%

The government also sold $1.25 billion of debt with an average maturity of six years and a yield of 6.375%. A third segment of $1 billion has an average life of 14 years, yielding 8%.

Bids topped $14 billion, a person familiar with the transaction said.

Ghana said in September 2018 that it planned a century bond in dollars. While that didn’t happen, it did issue a $1 billion, 2051 instrument at 8.95% six months later. The yield on that dropped 12 basis points on Tuesday to 8.66%.

The latest offering comes at a time when the premium investors demand to hold riskier assets is rising, in large part due to the coronavirus outbreak. Spreads on emerging-market government dollar bonds have widened to 307 basis points over U.S. Treasuries, from 291 basis points at the start of the year, according to a JPMorgan Chase & Co. index.

Bank of America, JPMorgan, Morgan Stanley, Standard Bank Group Ltd. and Standard Chartered Plc arranged Tuesday’s sale.

(Updates from first paragraph with final size and pricing)

–With assistance from Maciej Onoszko, Yinka Ibukun and Alex Nicholson.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editors responsible for this story: Andre Janse van Vuuren at ajansevanvuu@bloomberg.net, Paul Wallace, Justin Carrigan

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