Eurobond

We Are Back To Capital Market After Restructuring $13Bn Eurobond Debt – Finance Minister
04 Oct

We Are Back To Capital Market After Restructuring $13Bn Eurobond Debt – Finance Minister

wontumionlineBusiness
The Minister of Finance, Dr. Mohammed Amin Adam has indicated that Ghana is back on the international capital market, following the successful conclusion of the $13 billion Eurobond debt restructuring. Addressing the press in Accra, Dr. Adam described the development as positive turn that will accelerate Ghana’s financial position in the international market. “We are back to the capital market. With this conclusion, our Eurobonds are going to start trading the very day we set off,” he said. He announced that government is considering other factors before borrowing from the capital market. “That is a decision we are yet to…
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Ghana To Start Eurobond Exchange Next Week To Wrap Up Debt Restructuring
23 Aug

Ghana To Start Eurobond Exchange Next Week To Wrap Up Debt Restructuring

wontumionlineBusiness
Ghana will kick off a debt exchange program next week to wrap up its dollar bonds revamp. The process inviting investors to swap their existing securities for new ones will last 10 working days, Minister of State at the Ministry of Finance Abena Osei Asare said in an interview Thursday. Ghana’s eurobonds maturing in 2032 rose 0.2 cent to 51.64 cents on the dollar at 4:30 p.m. in London. Notes due 2035 gained 0.1 cent to 51.62 cents on the dollar. Ghana reached an agreement in principle with eurobond holders in June to rework $13 billion of eurobonds. The deal…
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Nigeria To Sell Domestic Dollar Bond, Eurobond Option Too Pricey
16 Aug

Nigeria To Sell Domestic Dollar Bond, Eurobond Option Too Pricey

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Nigeria, which had hoped to issue a Eurobond this year, has decided to delay it and sell a debut dollar bond on the domestic market as it seeks to fund its budget deficit and shore up the battered naira. Finance Minister Wale Edun told an investor conference in Lagos, the commercial capital, on Thursday that the five-year, $500 million bond will be issued on Aug. 19. He said market conditions had not been ripe to proceed with the Eurobond, so the government will instead target Nigerians at home as well as the significant number who live abroad. “Interest rates are…
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Rwanda Repays $400m Eurobond Despite Pressure On Its Coffers
04 May

Rwanda Repays $400m Eurobond Despite Pressure On Its Coffers

wontumionlineNews
Rwanda has successfully repaid its $400 million Eurobond despite pressure on the country’s coffers that have come under intense pressure due to ongoing global shocks linked to the prolonged impact of the Covid-19 pandemic, the war in Ukraine and the appreciation of the US dollar. The EastAfrican has learned that the full payment, which was due this week, was successfully made. Officials from Rwanda’s Ministry of Finance and Economic Planning say the repayment was made possible partly due to the availability of financing from the International Monetary Fund (IMF) that allowed the government to make savings. "The government has set…
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2030 Eurobond Default: World Bank Provides Ghana With $372m Guarantee Payment
24 Apr

2030 Eurobond Default: World Bank Provides Ghana With $372m Guarantee Payment

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After Ghana defaulted on making coupon payment for the 2030 Eurobond, the World Bank has earmarked an amount of $372 million guarantee payment for the country. This comes after Government of Ghana on April 14, 2023 defaulted on making the coupon payment after it declared a debt moratorium back in December 2022. In view of this, the International Development Association (IDA) of the World Bank has since made the $372 million guarantee payment on behalf of the Government of Ghana on April 20, 2023. Back in 2015, Ghana engaged the World Bank for financial support following a wave of economic…
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Investors Demand Insurance Payment On Ghana’s Eurobond After Default
08 Mar

Investors Demand Insurance Payment On Ghana’s Eurobond After Default

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A panel of investors and banks has ruled Ghana’s missed coupon payments on its foreign denominated bonds counts as a failure-to-pay event, paving the way for a payout of the default-insurance contracts tied to the country’s debt. The Credit Derivatives Determinations Committee (CDDC) made the decision at a meeting held on Monday, March, 6, 2023, according to a notice on the panel’s website on Friday, March 3, 2023. Ghana skipped payment of interests on January 18, 2023 of a $1 billion Eurobond maturing in 2026. The missed payment triggered a 30-day grace period, which eventually expired at the end of…
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Debt Restructuring: Eurobond Holders Face 30% Cut — T-Bill Investors Exempt
30 Nov

Debt Restructuring: Eurobond Holders Face 30% Cut — T-Bill Investors Exempt

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Domestic bond holders face steep interest rate cuts and lengthening of tenure on their investment as the government seeks a debt exchange programme to qualify for a loan from the International Monetary Fund (IMF). Investors of Eurobonds, which are foreign currency-denominated debts, will also have to contend with both interest rate cuts and the loss of up to 30 per cent of the principal amounts invested. Domestic debt investors will be asked to exchange their existing securities for new ones that may offer a zero coupon in the first year, five per cent in the second and 10 per cent…
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