By Rebecca Melvin
New York, May 11 – The Republic of Ghana priced $2 billion of global bonds (B3/B-/B) on Thursday evenly split between tranches maturing in 2029 and 2049, according to a syndicate source on Friday.
The $1 billion tranche of 2029 notes priced with a 7 5/8% coupon at par. The 7 5/8% yield was tight to guidance at 7¾% to 7 7/8% and early talk in the low 8% area.
The $1 billion of 2049 notes priced with a coupon of 8.627% at par to yield 8 5/8%, which was tight to guidance of 8¾% to 8 7/8% and initial talk in the low 9% area.
Total order books passed $5.5 billion, evenly split between the two tranches.
BofA Merrill Lynch, Citigroup, JPMorgan and Standard Chartered are managing the Rule 144A and Regulation S sale.
| Issuer: | Republic of Ghana
|
| Amount: | $2 billion
|
| Securities: | Senior global bonds
|
| Bookrunners: | BofA Merrill Lynch, Citigroup, JPMorgan and Standard Chartered
|
| Pricing date: | May 10
|
| Settlement date: | May 16
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2029 notes
|
| Amount: | $1 billion
|
| Maturity: | May 16, 2029
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Talk: | Guided to 7¾%-7 7/8% from initial talk in low 8% area
|
|
|
| 2049 notes
|
| Amount: | $1 billion
|
| Maturity: | June 16, 2049
|
| Coupon: | 8.627%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Talk: | Guided to 8¾%-8 7/8% from initial talk in the low 9% area
|
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