The $3 billion Eurobond cash is expected to hit the Bank of Ghana’s accounts this week, sources at the Finance Ministry and the Bank have told JoyBusiness.
The transfer could be made from Ghana’s correspondent bank in London to the Bank of Ghana
Finance Minister Ken Ofori Atta on Tuesday, March 19, 2019, led a government team to raise $3 billion from investors outside the country.
The deal, according to the Finance Ministry, was oversubscribed six times resulting in about $21 billion bids from investors.
However, the transaction was done in three tranches – $750 million 7-year, a $1.25 billion 12-year and a $1 billion 31-year tranches.
According to the Finance Ministry, these funds were raised after a series of international investor meetings in New York, Boston and London with a view of testing market conditions for a potential Eurobond under the government’s newly established Global Medium Term Note Programme.
The roadshow attracted strong interest with over 120 institutions meeting the government in three cities in three days.
Under the arrangement with the lead managers, the settlement should be done in 5 days and the funds should hit the issuer’s account, so the funds should surely come in this week.
Checks with the finance ministry and even persons close to the Bank of Ghana have confirmed that the funds should hit the Central Bank’s account this week.
The Eurobond Transaction was said to have attracted a record order book for a sub-Saharan sovereign Eurobond issue.
The peak order book was in excess of $21 billion with orders from over 1,200 investors globally.
The transaction was announced at the opening of markets in London and the order book was built within 12 hours.