(Adds details on the tender offer)
By Sudip Roy
LONDON, May 10 (IFR) - Ghana has opened books on a US dollar dual-tranche offering comprising amortising bonds with 10 and 30-year average lives, according to a lead.
The African sovereign is marketing a benchmark May 2029 bond in the low 8% area yield and a benchmark May 2049 tranche in the low 9% area.
The 144A/Reg S deal is today’s business via Bank of America Merrill Lynch, Citigroup, JP Morgan and Standard Chartered.
Ghana is rated B3/B-/B.
The deal follows a tender offer for its 2022 and 2023 bonds. Ghana announced on Wednesday that it has received valid tenders of just over US$702m for its US$750m 9.25% 2022 notes.
Ghana, however, terminated the invitation to holders of its 2023s and will not accept for purchase any of the bonds.
Reporting by Sudip Roy, editing by Philip Wright