Ghana’s dollar bonds were down about 1 point across the curve after it missed a self-imposed end-February deadline to restructure its bilateral debt. Ghana’s Finance Minister Ken Ofori-Atta said that he wanted to reach a restructuring agreement with bilateral creditors by end-February to help qualify for a $3bn IMF loan. As of today, Ghana has only partly completed its domestic-debt exchange program. S&P warned that Ghana may require external creditors to write off as much as 50% of debt owed, much higher than the 30% that the government initially considered.

Ghana’s 7.875% 2035s were own 1.3 points to 36.5, yielding 25.14%.

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