{"id":241868,"date":"2016-08-22T14:40:06","date_gmt":"2016-08-22T14:40:06","guid":{"rendered":"http:\/\/citifmonline.com\/?p=241868"},"modified":"2016-08-22T14:40:06","modified_gmt":"2016-08-22T14:40:06","slug":"economic-rebound-will-attract-good-interest-for-eurobond-terkper","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/08\/economic-rebound-will-attract-good-interest-for-eurobond-terkper\/","title":{"rendered":"Economic rebound will attract &#8216;good&#8217; interest for Eurobond \u2013 Terkper"},"content":{"rendered":"<p>The Finance Minister, Seth Terkper says he is hopeful Ghana will attract the best interest rate for the country\u2019s 2016 Eurobond.<\/p>\n<p>[contextly_sidebar id=&#8221;NNea7yeuq5UdEbBM7XbMQBnaMvzRn2XK&#8221;]According to him, recent developments in inflation and the coming on board of the Tweneboah Enyenera Ntomme (TEN) oil fields will prompt investors to offer interest rates corresponding to the market conditions.<\/p>\n<p>Seth Terkper\u2019s comments come barely a week after he reiterated the ministry\u2019s position that it has <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/08\/18\/we-havent-abandoned-2016-eurobond-issue-terkper\/\" target=\"_blank\">not abandoned<\/a><\/strong><\/span> its decision on the 2016 Eurobond.<\/p>\n<p>\u201cWe have been borne out unless for some major events, at the time we started the road show, our 2023 bond which we issued at 2013, was priced at 10.5 interest rate but today it is at 9.4 percent,<\/p>\n<p>\u201cThis means that the news about the first quarter inflation performance of this year, the growth figures and the fact that TEN is no longer a prospect story, are all beginning to show that there is something for real and we hope that these would help the process and at the appropriate time, we can go in with the investors and price,\u201d he told journalists in Accra.<\/p>\n<p>Government, early this month, <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/08\/04\/ghana-puts-on-hold-2016-eurobond-issue\/\" target=\"_blank\">suspended its planned 2016 Eurobond<\/a><\/strong><\/span> issue to raise 750 million dollars.<\/p>\n<p>Proceeds of the bond were to be used to retire the country\u2019s first Eurobond which matures next year.<\/p>\n<p>A statement issued by the Finance Ministry on the move at the time attributed the decision to\u00a0the unfavourable interest rates being offered by investors.<\/p>\n<p>Though it is unclear how much the investors were offering for Ghana\u2019s bonds, Seth Terkper explained that government made the right decision in suspending the issue.<\/p>\n<p>While admitting that the plan was a slight shift from previous practices, Mr. Terkper justified the move and was confident of a positive outcome this time round.<\/p>\n<p>\u201cLast year, we did not price immediately after the road show even though we did so in our first three bonds. But it does not necessarily follow that you must not exercise the option not to price immediately,\u201d<\/p>\n<p>\u201cWe decided to go this way because we were informing the markets on various things from the IMF program to the TEN fields. We felt that following these narratives and what we have done with our sinking funds proceeds,\u201d he added.<\/p>\n<p>The Finance Minister concluded that the recent developments imply fewer risks to the Ghanaian economy which will restore confidence among investors.<\/p>\n<p>\u201cThe markets were not taking it or had not evaluated it because some of the information were being put out there for the very first time so we decided to allow investors to analyze the facts,\u201d he stated.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Minister, Seth Terkper says he is hopeful Ghana will attract the best interest rate for the country\u2019s 2016 Eurobond. [contextly_sidebar id=&#8221;NNea7yeuq5UdEbBM7XbMQBnaMvzRn2XK&#8221;]According to him, recent developments in inflation and the coming on board of the Tweneboah Enyenera Ntomme (TEN) oil fields will prompt investors to offer interest rates corresponding to the market conditions. Seth [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":234440,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economic rebound will attract &#039;good&#039; interest for Eurobond \u2013 Terkper - Citi 97.3 FM - Relevant Radio. 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