The Republic of Ghana has launched a $750m bond due 2022 at a yield of 9.25 percent, according to persons close to the deal.

That compares with guidance of 9.5 percent area (plus or minus 12.5bp) and an initial high 9 percent marketing level.

It is the second time the sovereign will attempt to sell notes, having postponed an offering last month because of disagreement with investors over pricing levels.

The bond, which has a weighted average life of five years with three equal repayments in 2020, 2021 and 2022, will price later today.

Bank of America Merrill Lynch, Citigroup and Standard Chartered are the leads. Ghana is rated B3/B-/B.

At the same time, the sovereign has announced a further tender of its 8.5% 2017 notes. Last month Ghana bought back just under $100 million of the bonds through a tender that still went through despite the postponed new issue.

Source: Reuters