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Bond Market News
Ghana Completes Dollar Bond Restructuring
October 11, 2024
Ghana has completed its exit from the debt restructuring process after investors received $9.4bn in new notes in exchange for their old notes. As known earlier, the DISCO or PAR options presented by the government saw investors receive a 37% haircut and two new dollar bonds maturing in 2029 and 2035 for the former, while the latter option saw holders receive a 1.5% bond due 2037 without a haircut. The coupons for the two bonds under the DISCO option will be at 5% from through July 2028, and then increase to 6% thereafter. Besides, all investors also got two zero-coupon bonds (ZCBs). The first is a ZCB due 2030 as a payment for interest defaulted on between December 2022 to end-2023. The second is a ZCB due 2026 as a down-payment made by the Ghanaian government. As per Barclays, the new notes due in 2029 and 2030 take an “attractive spot” in the sub-Saharan Africa CCC/B-rated bond universe.
Ghana’s dollar bonds traded stable, with its 7.75% 2029s at 52.9 cents on the dollar, yielding 24.1%.
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