LONDON, Sept 8 (IFR) - The Republic of Ghana has launched a
US$750m bond due 2022 at a yield of 9.25%, according to a lead.
That compares with guidance of 9.5% area (plus or minus
12.5bp) and an initial high 9% marketing level.
It is the second time the sovereign will attempt to sell
notes, having postponed an offering last month because of
disagreement with investors over pricing levels.
The bond, which has a weighted average life of five years
with three equal repayments in 2020, 2021 and 2022, will price
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% 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, editing by Julian Baker)