Ghana drops $500 million Eurobond issue

Ghana has said it will not to go ahead with a $500 million Eurobond issue.

Rated B3/B minus, six notches below investment-grade, Ghana had planned to issue an amortising bond with a weighted average five-year tenor in conjunction with a tender offer to buy back some dollar bonds that mature next year.

In a statement, Ghana said it would “continue to monitor markets in the context of a potential new issue” and thanked investors “for their positive feedback”.

Ghana said it would still proceed with the capped cash tender offer of up to $100m on its 2017 notes.

The deadline for that offer is Friday.