{"id":180061,"date":"2016-01-08T07:00:42","date_gmt":"2016-01-08T07:00:42","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=180061"},"modified":"2016-01-08T07:00:42","modified_gmt":"2016-01-08T07:00:42","slug":"ghanas-first-bond-for-2016-slightly-undersubscribed","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/01\/ghanas-first-bond-for-2016-slightly-undersubscribed\/","title":{"rendered":"Ghana’s first bond for 2016 slightly undersubscribed"},"content":{"rendered":"

Ghana failed to obtain the 500 million cedis it was expecting to raise in its first bond issued yesterday, January 7, 2016.<\/p>\n

[contextly_sidebar id=”FRHJnDP8NxRWOl3TiL9TTjBI2TbephGa”]The Bank of Ghana on behalf of government yesterday issued a three year 500 million cedi bond.<\/p>\n

Proceeds from the bond will be used to restructure government debt and also for maturity settlement.<\/p>\n

But government failed to obtain the expected amount.<\/p>\n

Total bids received amounted to 426.23 million cedis.<\/p>\n

The auction which was open to both foreign and local investors saw international bids totaling only 20 million cedis.<\/p>\n

Meanwhile Ghana will pay \u00a0a slightly higher yield of 24.75 percent on the bond than the last 3 year bond it issued.<\/p>\n

A three-year bond issued in October last year had a 24.5 percent yield.<\/p>\n

Industry players had earlier warned the country’s economic woes as well as the implementation of the new income tax law which will see the bond being subjected to the 1 percent tax on interest earned by individuals will lead to a low subscription of the bond and others to be issued later.<\/p>\n

Meanwhile government has announced it intends to borrow about 30. 4 billion cedis, in the first half of this year, through bonds, treasury bills and notes.<\/p>\n

The move will see government borrow 4 .72 billion cedis in January 2016 alone.<\/p>\n

–<\/p>\n

By:\u00a0 Vivian Kai Lokko\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Ghana failed to obtain the 500 million cedis it was expecting to raise in its first bond issued yesterday, January 7, 2016. [contextly_sidebar id=”FRHJnDP8NxRWOl3TiL9TTjBI2TbephGa”]The Bank of Ghana on behalf of government yesterday issued a three year 500 million cedi bond. Proceeds from the bond will be used to restructure government debt and also for maturity […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171],"tags":[],"yoast_head":"\nGhana's first bond for 2016 slightly undersubscribed - Citi 97.3 FM - Relevant Radio. 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