by Amruth Sundarkumar | Mar 2, 2023 | Sovereign Bonds, Sovereigns
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...
by Amruth Sundarkumar | Feb 22, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Ghana was downgraded to RD (Restricted Default) from C by Fitch. It also downgraded the rating of the country’s $1bn dollar bond due January 2026 to D from C and withdrew its rating due to a default on its coupons. Besides the default, Fitch said that the...
by Amruth Sundarkumar | Jan 27, 2023 | Sovereign Bonds, Sovereigns
Ghana’s plan to suspend debt repayments on its eurobonds, commercial term loans and most of its bilateral debt is a “potential repudiation or moratorium”, as per the Credit Derivatives Determinations Committee (CDDC). However, the committee said that the...
by Amruth Sundarkumar | Jan 25, 2023 | Sovereign Bonds, Sovereigns
Ghana’s terms of restructuring for its local bonds is said to be favoring domestic creditors over its offshore creditors. Ghana commercial banks agreed to the government’s proposal of a 5% coupon payment in a domestic debt swap program and also agreed on a...
by Amruth Sundarkumar | Dec 21, 2022 | Credit Ratings, Sovereign Bonds, Sovereigns
Ghana was downgraded to SD from CC after it suspended commercial interest and principal payments on its offshore bonds, commercial loans and most bilateral obligations. The nation’s planned debt restructuring could be characterized as distressed debt exchanges,...
