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Bond Market News
Ghana’s Dollar Bonds Drop on Debt Overhaul Plans
October 18, 2023
Ghana’s sovereign dollar bonds dropped by 1.5-2.5 points after the government unveiled debt restructuring plans that aimed at a 30-40% haircut on the principal. The country’s finance minister also informed investors that the government was planning for a coupon of less than 5% and final maturity of less than 20 years on new bonds issued as part of a $13bn restructuring program. According to Morgan Stanley, the proposal is unlikely to be accepted by bondholders as recovery value is extremely low compared to history. However, it is an initial proposal and is likely to be revised multiple times before getting finalized.
Ghana’s 7.875% 2027s fell 2.2 points to 42.5 cents on the dollar.
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