Government accepted GH¢3.0 billion from the 2-year bond auctioned last Thursday as there were immense foreign investor participation in the debt instrument.
Auction result from the Bank of Ghana showed that investors submitted a total of GH¢3.7 billion, within the Initial Price Guidance of 17.5% to 17.85%.
However, the government rejected GH¢700 million of the bids tendered in.
The interest cost was also 0.25% cheaper, at 17.6%. It was actually within the secondary market conditions.
Analysts believed the amount raised exceeded the calendar target by 65%, therefore reflecting the high interest from both resident and non-resident investors on the domestic market.
The sizable amount raised is once again expected to help give government sufficient buffer ahead of frequent upcoming maturities next month.
Absa, Databank, Fidelity, IC Securities and Stanbic Bank were the joint book runners for the issuance of the debt instrument.
Government raised GH¢2.87bn from 6-year bond last month
Government last month raised GH¢2.87 billion from the 6-year bond issuance to close its fiscal space.
The offer also received strong bids from both local and international investors with the pricing aligned to the secondary market.
The coupon or yield of 19.25% was 0.25% lower than previous rate issued six months ago.
Latest Stories
-
WAFU B U-17 Championship: Ghana drawn in Group A, face Benin and Cote d’Ivoire
2 mins -
Two hit by stray bullet as Police clash with ‘wee smokers’
14 mins -
Okyeame Kwame aims for another Artiste of the Year win after 15 years
26 mins -
NAGRAT gives government one-week ultimatum to redeem unpaid pensions for 700,000 workers
29 mins -
Deloitte launches Technology, Media and Telecom predictions for 2024
46 mins -
Meta AI expands to Ghana, Nigeria and other countries in Africa; adds new features
57 mins -
GPL: Expect a new Kotoko against Samartex – Ogum tells fans
2 hours -
Court orders service of notice for DNA test to Mohbad’s wife
2 hours -
Changes to Ghana’s oil and gas royalty and licensing scheme to be implemented in 2024
2 hours -
Ghana’s oil production to rebound in 2024 growing by 5% – Fitch Solutions
2 hours -
Davido gifts fan $50K to clear off her student loan
2 hours -
Netflix: Profits soar after password sharing crackdown
2 hours -
OSP files additional charges against former PPA CEO Adjenim Boateng Adjei
2 hours -
Samuel Anini’s ‘Legacy of Hope’ to be launched in Finland
3 hours -
Fitch Solutions projects 19.0% average inflation for Ghana in 2024
3 hours