Business News of Tuesday, 13 September 2016Source: Graphic.com.ghUS$750 Eurobond oversubscribed by over 400%Seth Terkper, Minister of FinanceThe Minister of Finance, Mr Seth Terkper, has expressed satisfaction at the pricing of Ghana’s fifth Eurobond at 9.25 per cent in London on Thursday to raise US$750 million from international investors with appetite for emerging economies’ sovereign debt instruments. Ghana last issued Eurobond at 10.75 coupon (yield) rate for US$1 billion, even with guarantee from the World Bank and its International Development Association (IDA). The coupon rate and high interest clearly give credence to the government’s decision not to issue the note last month. Up to US$400 million of proceeds from the new issue would be used to retire Ghana 2017. A total of US$250 million from an earlier Eurobond was used to buy-back Ghana 2017, issued in September 2007.

Source: GhanaWeb September 13, 2016 10:52 UTC