Title: Ghana puts $1bln Eurobond on hold
Dated:March 19 2014
Accra - Ghana has put on hold plans to issue a 10-year Eurobond worth up to $1 billion because market conditions are not conducive, a deputy finance minister told Reuters on Wednesday.
But the government has not ruled out issuing a Eurobond this year and is targeting a yield of 8 percent or less, Cassiel Ato Forson said.
“Market conditions today are not good enough for us to issue the bond, because if we are to go in now, we'll get a very expensive spread,” Forson said.
Ghana's parliament approved proposals in December for a 2014 Eurobond, the West African country's third, and said the government could issue up to $1.5 billion to finance capital projects and refinance debt.
“You can't say that because it is not good today, it will not be good tomorrow. So we have to keep monitoring, and I am optimistic that things will change for the better,” Forson added, referring to conditions for a Eurobond issue.
Ghana, which exports cocoa, gold and oil, sold a $750 million 10-year Eurobond last July, paying a yield of about 8 percent. It also bought back about $250 million of its 2007 debut dollar bond. - Reuters
Source: http://www.iol.co.za/business/international/ghana-puts-1bln-eurobond-on-hold-1.1663961#.UzHU_cJOXIV
Paulina says: Beg, Steal and Borrow Poli-tricks -put on hold.................... Is it me or is this government always trying to get its hands on some money...... why? What are they using it for? Aren't they waiting on some monies from China??????? What will they use it for????? I certainly haven't seen any progress. Must re-read http://graphic.com.gh/business/business-news/19501-3bn-chinese-loan-govt-delegation-in-china.html
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