Ghana's Eurobond issue which successfully raised $750 million on the international capital market in September 2007 has won two prestigious international awards. The awards, 2007 Emerging Market Bond of the Year and the Eastern Europe, Middle East and Africa (EEMEA) Bond of the Year, will be presented on January 14, 2008 by the International Financial Review (IFR) at its 13th gala dinner in London, United Kingdom. The country has also been commended for the able manner in which it presented its case during the transaction by fulfilling all conditions attached to the transaction. Ghana, which went to the international market on September 27, 2007, for the first time, saw its sovereign bond denominated in the dollar, oversubscribed by over 400 per cent, amounting to US$3.7 billion. A letter of invitation from the IFR office in London to Ghana's Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, commended Ghana for its excellent performance during the transaction. "We want to congratulate you again on this extremely successful transaction and this most prestigious award in recognition of you and Ghana's team's vision an relentless efforts", it stated. The IFR is said to be the world's leading source of capital publication on capital market. Published weekly, it provides investment banking decision makers with authoritative information and analysis. It also provides capital market coverage data analysis and commentary on significant issues across the asset classes such as debt and equity, capital markets, securitisation and syndicated loans and emerging markets. The award is said to be the industry's most prestigious, and the award ceremony is widely considered to be the leading event in the global capital markets calendar. Her Royal Highness, Princess Anne of Great Britain, will be attending in her capacity as President of Save the Children and will also participate in the awards ceremony together with Matthew Davies, the Editor of the IFR. A statement attached to the invitation letter indicated that by establishing sub-Saharan Africa's first liquid bench mark outside South Africa, the Republic of Ghana had provided a substantial boost to the continent's financial markets and fund raising prospects. It mentioned that 2007 brought several firsts for the African continent, adding that Nigerian banks took centre stage earlier on as Guaranty Trust Bank of Nigeria launched inaugural senior and subordinated bonds in January and March. In addition, Egypt came to the limelight, printing a debut US$l.05 billion local curency-denominated transaction in July which priced inside the domestic curve. "The Republic of Ghana NR/B+/B+ attracted the most attention, however, securing an outstanding book of US$3.25 billion for September's debut of US$750 million 10 year Reg 144a Eurobond", it tressed. A bond is a debt security in which the authorised issuer (the borrower) owes the holder a debt (lender) and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. Source: Daily Graphic