New four-year bond priced below the market
Features

New four-year bond priced below the market

…reading the book-build, the precedent it follows, and the liquidity conditions that made it possible

Published September 4, 20266 min read

The book-build and the pricing gap The Ministry of Finance (MoF) opened the book-build for a new four-year Government of Ghana (GoG) bond on September 1, 2026, with initial price guidance set at 11.5 to 12percent. Bidding closes on September 3, settlement is scheduled for September 7, and the paper matures on September 2, 2030. No size target has been disclosed, consistent with the Ministry’s recent practice of letting the order book determine the quantum raised rather than pre-committing to an amount.

Published by Christabel Danso
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