Ghana listed on Wednesday (Aug 28) its recently issued USD 750mn 10-year Eurobond on the local stock exchange, providing another opportunity for investors to trade on the secondary market, Ghana Business News reported. This is the first time an African country is co-listing a Eurobond on the local bourse. The Eurobond is already listed on the Irish Stock Exchange. Ghanaian investors hold USD 16.5mn of the 2023 Eurobond.
The listing of the Eurobond is hoped to deepen the local bond market as it may serve as a benchmark for similar corporate and municipal issues. The further development of the domestic capital market should help Ghana close a wide infrastructural financing gap, estimated at USD 1.2bn a year. Ghana’s authorities and market participants also hope that the listing will encourage private firms to diversify their funding sources by tapping the local market.
With a market capitalisation of some GHS 56bn (EUR 19.6bn), the Ghana Stock Exchange is the third biggest bourse in Africa after the Johannesburg Stock Exchange and the Nigerian Stock Exchange.
Ghana sold its second Eurobond issue on July 25. The coupon was set at 7.785%, but the issue was priced to yield 8%. The West African country, which is a large producer of oil, cocoa and gold, is rated B1 by Moody’s, B+ by Fitch and B by S&P.
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