Business News of Monday, 10 February 2020Source: mynewsgh.comDatabank, others revealed as co-managers in Ghana’s 3billion EurobondFinance Minister, Ken Ofori-AttaGhana’s 2020 Eurobond which was oversubscribed by up to more than US$14 billion was co-managed by Databank, Fidelity Bank, IC Securities, GCB Bank and SAS Finance Group while the book runners were JP Morgan Chase, Morgan Stanley, Bank of America Merrill Lynch, Standard Bank and Standard Chartered for the bond. Databank has consistently been listed as either bookrunners or co-managers of Government of Ghana Bonds since 2017 when Ken Ofori-Atta became Finance Minister. Ghana was looking for US$3 billion but strong economic fundamentals coupled with recent Moody’s favourable ratings of the Ghanaian economy, as well as, a positive assessment of the Ghanaian economy by the International Monetary Fund triggered huge investor interest. Few hours to the closing of the bidding, classfmonline.com gathered that many more investors were putting in their bids. The 41-year bond is expected to cost the nation a yield of between 9.125 and 9.375%, which many analysts will consider as favourable because it is a long-term bond.

Source: GhanaWeb February 10, 2020 08:48 UTC