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Business News of Friday, 24 February 2012

Source: myjoyonline.com

Govt’s three-year bond sees massive investor interest

The three-year bond sold by government Thursday to raise funds to settle maturing debts and support government’s expenditure has been heavily oversubscribed.

Joy Business checks indicate government received nearly 639 million Ghana cedis from investors, though it set out to mobilize 200 million Ghana cedis.

Joy Business has however learnt government took only 219 million Ghana cedis and returned the rest.

Foreign investors took half, whiles the remaining went to local investors.

The bond will have a yield of nearly 15 percent to investors, one of the highest returns in recent times.

This is the first of the four government papers expected to be issued every quarter this year.

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