{"id":691644,"date":"2019-08-26T07:36:32","date_gmt":"2019-08-26T07:36:32","guid":{"rendered":" <br><div data-io-article-url=\"https:\/\/www.adomonline.com\/govt-fails-to-secure-targeted-%c2%a2450m-in-historic-20-year-bond-sale\/\">\n            <div class=\"td-post-featured-image\"><figure><img width=\"696\" height=\"464\" class=\"entry-thumb td-modal-image\" sr"},"modified":"2019-08-26T07:36:32","modified_gmt":"2019-08-26T07:36:32","slug":"govt-fails-to-secure-targeted-gh%c2%a2450m-in-historic-20-year-bond-sale","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/26\/govt-fails-to-secure-targeted-gh%c2%a2450m-in-historic-20-year-bond-sale\/","title":{"rendered":"Govt fails to secure targeted GH\u00a2450m in historic 20-year bond sale"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/govt-fails-to-secure-targeted-%c2%a2450m-in-historic-20-year-bond-sale\/\">\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/2019-mid-year-budget-review_24-696x464.jpg\"   alt=\"\" title=\"2019 mid-year budget review_24\"\/><figcaption class=\"wp-caption-text\">Finance Minister, Ken Ofori-Atta<\/figcaption><\/figure>\n<\/div>\n<p>Government  has failed to secure the entire amount targeted in its historic 20-year  bond sale, which was to secure it about GH\u00a2450 million based on the  Issuance Calendar from June to August.<\/p>\n<p>Information  available to JoyBusiness\u00a0from some dealers, however, indicates\u00a0that  government got GH\u00a2162 million cedis from investors.<\/p>\n<p><strong>Expected interest to be paid on the bond<\/strong><\/p>\n<p>Based on the bond results government is expected to pay about 20%\u00a0as<br \/>\ninterest every year spread over 20 years. Payments to the Bank of<br \/>\nGhana\u2019s accounts for this 20-year bond should be done by Monday, 26<br \/>\nAugust 2019.<\/p>\n<p><strong>Why was the bond undersubscribed?<\/strong><\/p>\n<p>It is not clear what might be the reason for the \u201cunder<br \/>\nsubscription\u201d, however analysts may want to attribute it to developments<br \/>\n in the US and maybe how the bond was marketed.\u00a0<\/p>\n<p>There are also possible concerns about the local currency\u2019s outlook<br \/>\nand some uncertainties with it going forward. Recently, long-dated bonds<br \/>\n have also witnessed some challenges in terms of high investor interest<br \/>\nand the targeted amount achieved.<\/p>\n<p><strong>Finance Ministry on these bonds<\/strong><\/p>\n<p>The Finance Minister Ken Ofori-Atta had on several occasions told  JoyBusiness that they are hoping to use these long-dated bonds to  lengthen the time taken to\u00a0settle its debt and hopes to raise cheaper  debts to finance existing expensive ones.<\/p>\n<p>Government was also hoping to use these long-dated bonds to test the market.\u00a0\u00a0<\/p>\n<p>According to the Issuance Calendar from June to August this year,<br \/>\ngovernment plans to issue a gross amount of\u00a0GH\u023c10,350.00 million.<\/p>\n<p>Some GH\u00a29,873.37 million of the amount\u00a0is to rollover maturities and<br \/>\nthe remaining\u00a0GH\u00a2476.63 million\u00a0is fresh issuance to meet government\u2019s<br \/>\nfinancing requirements.<\/p>\n<p>The issuance of the 10-Year, 15-Year and 20-Year bonds according to<br \/>\ngovernment are shelf offerings available to be issued over a period of<br \/>\ntime.<\/p>\n<p>Government says consistent with the Medium Term Development Strategy  \u201cwe may announce other tap-ins\/reopening of the existing instruments  depending on market conditions.\u201d<\/p>\n<p>Source: Ghana|Joy Business<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister, Ken Ofori-Atta Government has failed to secure the entire amount targeted in its historic 20-year bond sale, which was to secure it about GH\u00a2450 million based on the Issuance Calendar from June to August. Information available to JoyBusiness\u00a0from some dealers, however, indicates\u00a0that government got GH\u00a2162 million cedis from investors. Expected interest to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":691645,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-691644","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt fails to secure targeted GH\u00a2450m in historic 20-year bond sale - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/26\/govt-fails-to-secure-targeted-gh\u00a2450m-in-historic-20-year-bond-sale\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Govt fails to secure targeted GH\u00a2450m in historic 20-year bond sale - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Finance Minister, Ken Ofori-Atta Government has failed to secure the entire amount targeted in its historic 20-year bond sale, which was to secure it about GH\u00a2450 million based on the Issuance Calendar from June to August. Information available to JoyBusiness\u00a0from some dealers, however, indicates\u00a0that government got GH\u00a2162 million cedis from investors. 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