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Monday 20 November 2017

2017-11-14

[N] E/R: Driver, 19, Jailed 8 Years For Kidnapping And Defiling Girl, 13
[N] Special Prosecutor could wait till 2019 if parliament misses 2017 passage
[N] Petroleum Revenue Mgt. Act breached for 7-yrs running – PIAC
[N] CEDTAG Strike action leaves colleges of education deserted
[N] Nduom is not presidential material -Maurice Ampaw
[N] Police blame Kasoa violent attacks on under-staffing

2017-11-10

[N] GMA indicts gov't for failing to employ medical doctors
[N] Ministers are not allowed to use sirens; Police order immediate removal
[N] Stay focused and deal with your controversies – Nana Addo to Zoomlion Boss
[N] We will face criminals boot for boots with ‘Father Xmas’ Operation -Ken Yeboah
[N] Step aside – Group to NDC Chairmen
[N] School Feeding Coordinators Trade Insults Over Naabu & Otiko
[N] Major Mahama bill passed

2017-11-09

[N] Free SHS: Ablakwa Donates Furniture to Schools
[N] Girls with excessive make ups may have ovary tumour – doctor
[N] Visitors pay GHc2 to see prisoners
[N] Consider our request to contest 2020 polls -NDC Chairmen to Mahama
[N] Colleges of Education still closed as talks over arrears fail
[N] Economic policies paying off - Prez
[N] Cancer disfigures head of 2-year old, sticks mother with ˘12,000 bill
[N] There is corruption in police service- COP Ken Yeboah
[N] 3 arrested in Kumasi for robbing, raping victims

2017-11-08

[N] Help Gov’t to achieve its revenue targets -Nana Addo to GHAPOHA
[N] NPA to close down 35 more high-risk LPG stations nationwide
[N] Uber adds Paid Wait Time; additional features for driver-partners
[N] ‘Bawumia is only confident, he knows nothing’- Minority
[N] A/R: Queen mothers grateful to 1st lady for KATH mother & baby unit
[N] If our bond was issued at 20% it would have been oversubscribed- Kwarteng hits b
[N] Tiger Eye F’dation Partners Klarity To Fight Corruption
[N] AG’s application against Indian businessman dismissed again

2017-11-07

[N] Bawumia behaving like a ‘heartless’ serial caller – Ofosu Kwakye
[B] 2018 budget to improve domestic revenue collection
[N] 24,377 cattle, 225 owners registered in Kwahu
[N] New agency inaugurated to boost revenue collection in oil and gas sector
[B] New Drivers’ License to be launched today
[N] Tell the true African stories through your writings – Nana Addo to PAWA
[B] Investor uncertainty, others impacted energy bond  

2017-11-06

[N] Sack Freddie Blay for defending Ayisi Boateng – Alhaji Sani
[B] Energy bond unsuccessful after two tries

2017-11-05

[N] 'We won't compromise on admission malpractices' - UCC & its affiliates
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Business

[ 2017-11-06 ]

Energy bond unsuccessful after two tries
ESLA Plc failed to meet the target for the first
tranche of the bond after a second attempt.

The managers of the bond  were seeking to raise 6
billion cedis under two separate bonds.

But accrued a total of 4.69 billion cedis after it
closed the auction last Friday.

The 7-year bond received the targeted 2.4 billion
cedis while the 10-year bond accrued about 2.29
billion cedis, below the target of 3.6 billion
cedis.

For the 10-year bond, ESLA Plc realised a book
size of over 2.79 billion cedis.

The coupon rate were between 19 and 20 percent out
of which 2.29 billion cedis was accepted at a
final yield of 19.5%.

ESLA which has been given the mandate by
Government to issue the energy bond a week earlier
auctioned the bond but received low proceeds
forcing it to extend the auction by another week.

Proceeds of the bond are to be used to clear the
debt in the energy sector which as at December
2016 was 2.5 billion dollars.

Lead managers of the bond have however told Citi
Business News the process is an ongoing one and
that they will go back unto the market and if the
market conditions are right, they will issue it.

Meanwhile Citi Business News has learnt there will
be a revaluation of the whole process together
with an assessment of its performance on the stock
market which will determine the timing to go back
unto the market to raise the additional money.

Government in June this year announced Fidelity
Bank and Standard Chartered Bank as lead managers
of the bond.

In October, two road shows were conducted both
locally and internationally which managers
described as plausible.

Initially, the two bonds were extended for a day.

At the time, the managers attributed the decision
to requests by some large investors.

But the decision to extend the 10 year bond for a
week was not known.

Economist, Dr. Lord Mensah had predicted that
government will not be paying an interest rate of
less than 20 percent.

He argued that this is evident from rates paid on
previous sovereign bonds issued by the
government.

Reacting to possible reasons for the under
subscription, Investment Banker, Mahama Iddrisu
blamed the development on the political
composition of the board, as well as the impact of
low liquidity due to the operation of a Treasury
Single Account (TSA).

Source - citibsinessnews.com



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