{"id":258057,"date":"2016-10-14T05:00:26","date_gmt":"2016-10-14T05:00:26","guid":{"rendered":"http:\/\/citifmonline.com\/?p=258057"},"modified":"2016-10-14T05:00:26","modified_gmt":"2016-10-14T05:00:26","slug":"govt-raises-96-4m-from-first-local-dollar-denominated-bond","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/10\/govt-raises-96-4m-from-first-local-dollar-denominated-bond\/","title":{"rendered":"Govt raises $96.4m from first local dollar denominated bond"},"content":{"rendered":"

Government has raised a total of \u00a096.4 million dollars in its first local dollar denominated bond \u00a0at a rate of 6.0 percent.<\/p>\n

Total bids were 99.6 million dollars but government accepted 96.4 million dollars, above its original target of 50 million dollars.<\/p>\n

By this, the cost of the bond is lower compared to government\u2019s last Eurobond which was issued in September this year at a coupon rate of 9.25 percent.<\/p>\n

Finance Minister Seth Terkper had earlier explained to Citi Business News<\/strong> that the move is aimed at raising funds to finance the budget at cheaper rate as well as refinance more expensive domestic debt.<\/p>\n

The bond is part of government\u2019s revised time table to raise 25 billion cedis from August to December this year through bonds and treasury bills.<\/p>\n

The announcement was a revised issuance calendar indicating government\u2019s plan of borrow from August to December.<\/p>\n

The report showed that\u00a0about Gh\u00a224 billion\u00a0of the funds raised will be used to clear previous bonds issued\u00a0that are maturing, with the remaining going to support fresh commitments.<\/p>\n

As part of the plans, a three-year bond\u00a0will also be issued in November to raise GH\u00a2700 million while government hopes to issue its first 10-year local bond of GH\u00a2200 million.<\/p>\n

According to government, the calendar\u00a0aims at continuing the objective of lengthening the maturity profile by reducing short-term borrowing.<\/p>\n

It adds that\u00a0the 3, 5, and 10-year issues will be done per the calendar through the book-building method with settlement on the last Mondays of each month.<\/p>\n

\u2013<\/p>\n

By: Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Government has raised a total of \u00a096.4 million dollars in its first local dollar denominated bond \u00a0at a rate of 6.0 percent. Total bids were 99.6 million dollars but government accepted 96.4 million dollars, above its original target of 50 million dollars. By this, the cost of the bond is lower compared to government\u2019s last […]<\/p>\n","protected":false},"author":14,"featured_media":209488,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171],"tags":[],"yoast_head":"\nGovt raises $96.4m from first local dollar denominated bond - Citi 97.3 FM - Relevant Radio. 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