Government has released the much-awaited domestic borrowing calendar for the second quarter of 2021, with about GH¢4.13 billion of fresh securities to be issued to meet government’s financing requirements during the period.
The calendar, whose delayed publication caused uncertainty among investors, will provide clarity on the government’s financing plans for the rest of the quarter to June.
In all, government is planning to raise GH¢21.43 billion from investors, with nearly 81 percent of the amount to be used to roll over maturities.
Based on the calendar, domestic portfolio investors will be able to invest up to GH¢18.43 billion in short-term government debt securities, comprising tenors of 91 days, 182 days and 364 days, to be sold during the period. This category is reserved strictly for domestic investors.
The remaining securities of about GH¢3bn, comprising five- and seven-year bonds to be issued in May and June respectively, will be accessible to both resident and non-resident investors, who mostly dominate subscriptions of such medium- to long-term securities.
The five-year bond will target an amount of GH¢2 billion, while the seven-year bond will target GH¢1 billion.
The short-term securities will be issued through auctions, while the medium-term ones will be issued via the book-building method.