JP Morgan Chase/Bloomberg

Economy

Ghana hires banks to market its Eurobond

  • share this article

Ghana requires $2 billion in foreign-currency debt to help finance its 2019 budget and will sell an additional $1 billion if it’s able to issue the securities at lower rates than what it’s paying for existing bonds.

Thursday 21, February 2019

(Bloomberg) – Ghana has appointed five banks, including Bank of America Merrill Lynch and JPMorgan Chase, as lead arrangers for the nation’s proposed sale of as much as $3 billion in eurobonds.

The three other main advisers are Morgan Stanley, Standard Chartered and Standard Bank Group. The West African nation also appointed Accra-based Fidelity Bank, IC Securities and Databank Group as co-arrangers.

The nation is exiting an almost $1 billion bailout programme it entered into with the International Monetary Fund (IMF) in 2015, when a currency crisis prompted its debt obligations to soar. A final review is due before 4 April.

The world’s second-biggest cocoa grower and the continent’s largest gold producer after South Africa is forecast to grow 7.6 per cent this year, from a projected 5.6 per cent in 2018, according to the government.

 

TAGS : Ghana Eurobond, Bank of America Merrill Lynch, JPMorgan Chase, Morgan Stanley, Standard Chartered

print this article