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Ghana Investors Say They Received Coupons on 10.75% 2030s Guaranteed by World Bank: Sources
April 27, 2023
Some investors of Ghana’s 10.75% 2030s said that they received coupon payments that were due on April 14, as per Reuters sources. This comes after the nation announced that they would suspend payments on its offshore debt in December. This bond is is unique in that it is partially guaranteed by the World Bank. A World Bank spokesperson confirmed that its International Development Association (IDA) made the guarantee payment of over $50mn on April 20. The World Bank had provided a guarantee on this bond back in 2015 citing the need for extra security due to difficult market conditions at the time. The African nation had secured a staff-level agreement with the IMF for a $3bn support package in December. However, the IMF executive board approval has not yet been given to begin disbursements. Ghana has $14.6bn in dollar bonds outstanding.
Ghana’s 10.75% 2030s are trading at 67.3 cents on the dollar while the rest of its curve is trading at 34-36 cents on the dollar.
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