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1/2/2008 3:15:24 AM
Nicholas Tetteh
Ghana Eurobond Wins Award Business/Finance - Fri, 28 Dec 2007
Ghana is to receive two awards- 2007 Emerging Market Bond of the Year and the Eastern Europe, Middle East and Africa (EEMEA) Bond of the Year- on January 14, 2008 by the International Finance Review at its 13th Gala Dinner in London, United Kingdom.
This comes after Ghana's Eurobond, which successfully raised $750 million on the international capital market in September 2007 was awarded for the two prestigious international awards.
The country has also been commended for the able manner in which it presented its case during the transaction by fulfilling all conditions attached to the transaction.
Ghana, which went to the international market on September 27, 2007, for the first time, saw its sovereign bond denominated in the dollar, and oversubscribed by over 400 percent, amounting to US$3.7 billion.
A letter of invitation from the IFR office in London to Ghana’s Minister of Finance and Economic Planning, Kwadwo Baah-Wiredu, commended Ghana for its excellent performance during the transaction.
“We want to congratulate you again on this extremely successful transaction and this most prestigious award in recognition of your and Ghana's team’s vision,” it stated.
The IFR is said to be the world's leading source of capital publication on capital market.
Published weekly, it provides investment bankers with authoritative information and analysis.
It also provides capital market coverage data analysis and commentary on significant issues across the asset classes such as debt and equity, capital markets, securitization and syndicated loans and emerging markets.
The award is said to be the industry's most prestigious, and the ceremony is widely considered to be the leading event in the global capital markets calendar.
Her Royal Highness, Princess Anne of Great Britain will be attending in her capacity as President of Save the Children and she will also participate in the awards ceremony together with Matthew Davies, the Editor of the IFR.
A statement attached to the invitation letter indicated that by establishing sub-Saharan Africa's first liquid bench mark outside South Africa, the Republic of Ghana had provided a substantial boost to the continent's financial markets and fund raising prospects.
It mentioned that 2007 brought several firsts for the African continent, adding that Nigerian banks took centre stage earlier on as Guaranty Trust Bank of Nigeria launched inaugural senior and subordinated bonds in January and March.
In addition, Egypt came to the limelight, printing a debut US$l.05 billion local currency-denominate d transaction in July which priced inside the domestic curve.
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Source: Daily Guide
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