Ghana’s 2020 Eurobond which was oversubscribed by up to more than US$14 billion was co-managed by Databank, Fidelity Bank, IC Securities, GCB Bank and SAS Finance Group while the book runners were JP Morgan Chase, Morgan Stanley, Bank of America Merrill Lynch, Standard Bank and Standard Chartered for the bond.

Databank has consistently been listed as either bookrunners or co-managers of Government of Ghana Bonds since 2017 when Ken Ofori-Atta became Finance Minister.

Ghana was looking for US$3 billion but strong economic fundamentals coupled with recent Moody’s favourable ratings of the Ghanaian economy, as well as, a positive assessment of the Ghanaian economy by the International Monetary Fund triggered huge investor interest.

Few hours to the closing of the bidding, a report from Accra-based Class FM gathered that many more investors were putting in their bids.

Though it is unclear the coupon rates agreed for the three tranches of debt instrument, it is likely it will be in the region of 6 and 9.5%.

For the 7-Year bond, the government was looking for a price range of between 6.5 to 7% whilst it expects between 8 to 8.5% for the 15-year bond.

The 41-year bond is expected to cost the nation a yield of between 9.125 and 9.375%, which many analysts will consider as favourable because it is a long-term bond.