Govt’s new four-year bond attracts GH¢4.46bn in bids
Government’s new four-year Treasury bond has attracted strong investor demand, with investors submitting GH¢4.46 billion in bids at the latest auction as the government sought to raise funds from the domestic debt market. The government accepted GH¢3.15 billion of the bids, representing 70.57% of the total amount tendered, while the auction recorded a bid-to-cover ratio […]
The government's new four-year Treasury bond has garnered significant investor interest, with a total of GH¢4.46 billion in bids received during the latest auction. Out of this, the government accepted GH¢3.15 billion, accounting for 70.57% of the total bids. The auction achieved a bid-to-cover ratio of 1.41 times, while the bond cleared at a yield of 12.00%, which was lower than the pre-auction market expectation of 12.00% to 13.50%.
The clearing yield was approximately 130 basis points above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of around 10.7%, but 50 basis points below the 12.50% yield of the seven-year government bond issued in March/April 2026. Investors, primarily resident ones, were eager to purchase the cedi-denominated bond, which was set to mature in 2030 and opened on September 1, 2026, through a book-building process.
The bond will be listed on the Ghana Stock Exchange, with major banks like Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital, and Stanbic Bank acting as active bond specialists.
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