LONDON, Sept 8 (IFR) - The Republic of Ghana has begun
marketing a US dollar bond that will mature in 2022 at a yield
of high 9%.
It is the second time the sovereign will attempt to sell the
notes, having postponed an offering last month because of
disagreement with investors over pricing levels.
The benchmark-sized bond, which has a weighted average life
of five years, with three equal repayments in 2020, 2021 and
2022, is today's business.
Bank of America Merrill Lynch, Citigroup and Standard
Chartered are the leads. Ghana is rated B3/B-/B.
At the same time, the sovereign has announced a further
tender of its 8.5% due 2017 notes. Last month Ghana bought back
just under US$100m of the bonds through a tender that still went
through despite the postponed new issue.
(Reporting by Sudip Roy)