Energy Bond Extends Auction Date

The closing date for the auction of the energy bond has been extended to Friday, October 27, 2017.

This is a day ahead of the initial scheduled date of Thursday, October 26, 2017.

Subsequently, the issuing date for the bond has been rescheduled to November 1, 2017.

This also is a day ahead of the former October 30, date.

This was contained in a statement to investors and copied to Citi Business News.

Citi Business News also understands that the decision followed requests by some investors.

These comprised large local and foreign ones who requested they needed an extra day considering the fact that the structure of the bond is not a direct Sovereign one.

Auction for the energy bond will be opened on Tuesday, October 24, 2017.

The 6 billion cedi bond to be issued in two bids is also done via a book building approach.

Meanwhile the Book Build Format is being conducted through local primary dealer.

Also, bids are accepted on a yield (%) basis with all successful bids expected to clear at a single clearing level.

There is however going to be discretionary allocation at the single clearing level in the event of oversubscription.