In early February 2020, weeks before Covid-19 sent the world into lockdown, the Republic of Ghana stormed the debt capital markets with a $3 billion Eurobond. The deal marked the longest-ever bond from sub-Saharan Africa, with a 40-year maturity. At a time when developed market investors were in a desperate search for yield, it priced at just below 9%.
Jump to:
Although bankers lauded the deal at the time, Ghana was borrowing far too much.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
