BoG releases Q2 Issuance Calendar

The Bank of Ghana, in accordance with the government’s Medium Term Debt Management Strategy (MTDS), has, on behalf of the Ministry of Finance, released the issuance calendar for the Government of Ghana Securities (G-Secs.) for the second quarter, 2019 for the information of primary dealers, banks, prospective investors in the domestic securities market and the general public.

In a statement signed by Secretary Mrs Frances Van-Hein Sackey, the central bank said the calendar is developed based on the 2019 Net Domestic Financing (NDF) as stipulated in the 2019 Budget and Economic Policy of Government, domestic debt maturities and the MTDS for 2019 – 2022.

The calendar shows the securities that are intended to be issued for the period April to June 2019.

It also takes into consideration the government’s liability management programme, market developments (both domestic and international) and the debt management objective of lengthening the maturity profile of the public debt.

The statement said the government plans to issue a gross amount of GHS12,100.00 million, of which GHS11,533.94 million is to rollover maturities and the remaining GHS566.06 million is fresh issuance to meet the government’s financing requirements.

Per the calendar, the government aims to build benchmark bonds through the issuance of the following instruments:

• The 91-day and 182- day Treasury Bills will be issued weekly;

• The 364-day bill will however be issued on a bi-weekly also through the primary auction, with settlement being the transaction date plus one working day;

• Securities from 2-Year up to 15-Year will be issued through the book-building method;

• The issuance of the 6-Year bonds will be through the reopening of the existing 6-Year bond issued in February, 2019;

• Consistent with the MTDS, we may announce tap-ins/reopening of existing instruments depending on market conditions.

Source: Ghana/ClassFM

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