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GOVERNMENT OF GHANA 5-YEAR TREASURY BOND ISSUANCE
SAS Research+ | Industry Report

The  Republic  of  Ghana  is  issuing  a 5-year Treasury  Bond  through the book building approach  in March, 2016. The Bond will be governed by Ghanaian law and will be available for investment by both resident and non-resident investors through the Bank of Ghana. 

 


GOVERNMENT OF GHANA 5-YEAR TREASURY BOND ISSUANCE                                                                                                                                                                                                                                                                          

ISSUER:                              

Republic of Ghana

SIZE:                                  

GHS[To Be Determined]

ISSUE:                               

Treasury Bonds (the "Notes", "Bonds")

MATURITY:                      

2021 (5 year issuance)

SECURITY:                         

Unsecured

PRINCIPAL REPAYMENT:

Bullet

DISTRIBUTION:

Marketed to Resident Investors/Open to Non-Resident Investors

DENOMINATIONS:              

Each Bond shall have a face value of one Ghana Cedi

MINIMUM BID

GHS50 thousand and multiples of GHS1 thousand thereafter

GOVERNING LAW:              

Ghana

LISTING:                             

Ghana Stock Exchange (GSE)

ACTIVE JOINT BOOKRUNNERS:        

Barclays, SAS, Stanbic

   

PRICING, BOOKBUILD AND ALLOCATION METHODOLOGY

OFFER PERIOD

 

MONDAY 29TH FEB

[Release of Initial Pricing Guidance]

WEDNESDAY 2ND MARCH

Book-build opens 9:00AM

 

Revised Pricing Guidance (released as necessary during the Book-build)

THURSDAY 3RD MARCH

Revised and Final Pricing Guidance (released as necessary during the Book-build)

 

Books to close on short notice on Thursday p.m.

 

Final Pricing and Allocation

TUESDAY 8TH MARCH

Settlement/Issue Date

ISSUE METHODOLOGY

Book-build format

 

Bids accepted on a yield (%) basis

 

All successful bids will clear at a single clearing level

 

Pro rata allocation

 
 

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

 The following disclaimer applies to this communication and the information contained herein, including any attachments (the “Communication”).  You are advised to read this disclaimer carefully before accessing, reading or making any other use of this Communication.  In accessing the Communication, you agree to be bound by the following terms and conditions, including any modifications to them, any time you receive any information from Barclays Bank Ghana Limited, Stanbic Bank Ghana Limited or Strategic African Securities Limited (the “Joint Lead Bookrunners” each a “Bookrunner”) or the Republic of Ghana as a result of such access.

Nothing in this Communication constitutes an offer of securities for sale in any jurisdiction where such an offer or solicitation would be unlawful. 

 You are not authorised to and may not forward or deliver the Communication, electronically or otherwise, to any other person or reproduce such document in any manner whatsoever.  Any forwarding, distribution or reproduction of the Communication in whole or in part is unauthorised.  If you have gained access to this transmission contrary to any of the foregoing restrictions, you are not authorised to access the Communication.

 Confirmation of your representation: In accessing the Communication and the information contained herein or making an investment decision with respect to the securities, you hereby represent that you are either (i) a  person within the Republic of Ghana and with professional experience in matters relating to investments or (ii) a person outside the Republic of Ghana who is a sophisticated institutional investor to whom an invitation or inducement to engage in investment activity in connection with the issue or sale of any securities of the Republic of Ghana may lawfully be communicated or caused to be communicated who: (A) has such business and financial knowledge and experience and expertise in assessing credit and other risks as is required to give it the capacity to protect its own interests in connection with the subscription or purchase of any securities issued by the Republic of Ghana; and (B) will rely on its own examination and due diligence of the Republic of Ghana, any securities issued by the Republic of Ghana and the terms of any transaction including the merits and risks involved in, and the suitability of, investing in any securities issued by the Republic of Ghana; and (C) is experienced in investing in transactions of this nature and is aware that it may be required to bear and is able to bear, the economic risk of, and is able to sustain a complete loss in connection with any such transaction(all such persons in (i)-(ii) above being “Relevant Persons”). 

The Communication is being sent at your request and you shall be deemed to have represented to the Republic of Ghana and each Bookrunner that (1) you and any customers you represent are Relevant Persons and (2) you consent to delivery of the Communication and any amendments or supplements thereto by electronic or other transmission.

 

You are reminded that the Communication has been delivered to you on the basis that you are a person into whose possession communication may be lawfully delivered and you may not nor are you authorised to deliver the Communication, electronically or otherwise, to any other person. If you receive the Communication by e–mail, you should not reply by e–mail to this announcement. Any reply e–mail communications, including those you generate by using the “Reply” function on your e–mail software, will be ignored or rejected. If you receive the Communication by e–mail, your use of this e–mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. 

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