Government accepted all bids for the 2-year bond issuance, raising GHS768 million.

This comes after achieving more than half of its target from a similar bond issued last month.

However, the interest rate of the debt instrument remained same as last month’s auctioning, at 18.50%.

Analysts believe the interest rate was in line with current secondary market conditions.

Joy Business gathers majority of the funds would be used to settle maturing debt, whilst the remaining will be used to support government’s critical financing.

A book-building approach was adopted, indicating a pricing guideline was set before the bond was floated.

Absa, Databank, Fidelity, IC Securities, Stanbic were the book runners.

Since the emergence of the coronavirus pandemic, the government has been accepting all bids for bonds issued so far.

Government had exceeded its weekly Treasury bills sale last Friday, oversubscribing by more than 10%.

October 2nd bond sale.

During the sale of the 2-year bond last month, the Government of Ghana raised GHS1.53 billion cedis as against a target of one billion cedis.

The interest rate or yield was 18.50%.