Government accepts GH¢849m for 3-year bond

The government of Ghana accepted all bids submitted for the 3-year bond auctioned on Thursday, 16 April 2020.

According to the results, the government accepted all the GH¢849.24 million total bids submitted for the debt instrument which will mature in 2023.

The initial pricing guidance was between 18.50% and 19.00%.

But the clearing coupon rate is estimated at 19.00%.

Class Business understands that the majority of the funds raised will be used to settle the maturing debt.

The instrument was opened to both resident and non-resident investors.

Each Bond has a face value of GH¢1, whereas the minimum bid was GH¢50,000 and multiples of GH¢1,000 thereafter.

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