Government’s 1.5 billion cedi 3 year fixed rate bond issued yesterday 22nd October, 2015 was under subscribed.<\/p>\n
[contextly_sidebar id=”jY1RA0dS14XLLPQz2EvKKEzKS23pGxSf”]Government raised less than the targeted 1.5 billion cedis it was looking for on the local market.<\/p>\n
It sold 995 million cedis of the three year notes with a yield \u00a024.5 percent.<\/p>\n
Investors offered 1.3 billion cedis of bids with yields between 23 and 26 percent.<\/p>\n
The auction comes days after government issued a 1 billion dollar Eurobond at a coupon rate of 10.75 percent.<\/p>\n
The 3 year fixed rate bond which was available to both resident and non-resident investors was Ghana cedi denominated, and was issued at par.<\/p>\n
Proceeds from the bond will be used to restructure Government of Ghana debt and for maturity settlement.<\/p>\n
Earlier the Group CEO of Ideal Finance, Dr Nii Kotei Dzani warned the auctioning of the bond will expose the economy to further risks.<\/p>\n
According to Dr. Nii Kotei Dzani government must as a matter of urgency desist from borrowing from the domestic market as that has contributed to the high unemployment in the country.<\/p>\n
Speaking to Citi Business News Dr Nii Kotei Dzani said the government should rather concentrate on increasing revenue.<\/p>\n
–<\/p>\n
By:\u00a0 Vivian Kai Lokko\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
Government’s 1.5 billion cedi 3 year fixed rate bond issued yesterday 22nd October, 2015 was under subscribed. [contextly_sidebar id=”jY1RA0dS14XLLPQz2EvKKEzKS23pGxSf”]Government raised less than the targeted 1.5 billion cedis it was looking for on the local market. It sold 995 million cedis of the three year notes with a yield \u00a024.5 percent. Investors offered 1.3 billion cedis […]<\/p>\n","protected":false},"author":14,"featured_media":52356,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"\n