This cheap Canada Goose is not unreasonable

1 billion Eurobond in 2013

ACCRA (Reuters) Ghana plans a Eurobond worth up to $1 billion to refinance debt and fund infrastructure projects, its vice president canada goose uk black friday said, adding to the list of developing countries tapping yield hungry investors to Canada Goose Online bolster canada goose coats on sale their economies.

are looking at the best conditions including costs, and we canada goose factory sale will not do it until we Canada Goose Coats On Sale convinced it is the right time, Kwesi Amissah Arthur told Reuters on Wednesday.

The west African country has drawn increased attention from investors since it began oil production in 2010. An expanding budget deficit has tarnished canada goose store its reputation for fiscal stability.

But its economy is growing rapidly and, with top rated sovereign debt paying returns of well below 2 percent over 10 years, analysts in London said they expected a Ghanaian sale to go well.

deal should be well received partly because they canada goose clearance have said the cash will help with the amortization of debt, said Stuart Culverhouse, head of research at canada goose uk outlet Exotix, a frontier markets brokerage.

you look at similar bonds from Nigeria and Zambia, they came in 5 6 percent and Ghana should be able to get a similar rate.

Rwanda placed 10 year dollar debt at a yield of 6.875 percent earlier this month and Nigeria, which sold a $500 mln bond in 2011, plans a $1 canada goose uk shop billion Eurobond later this year to help finance power and gas reforms. {ID:nL6N0DK179]

Zambia launched its debut dollar bond to much fanfare cheap Canada Goose Jackets last year.

Rated a few notches below investment grade, Ghana successfully issued a uk canada goose outlet $750 million 10 year Eurobond in 2007, which yielded 4.87 percent on Wednesday canada goose clearance sale compared with a launch yield of 8.5 pct, according to Reuters data.

The government in Accra had yet to appoint advisors for the new transaction, said Finance Minister Seth Terkper, and the proposed bond is subject to buy canada goose jacket approval by parliament.

hope to put it before the House as buy canada goose jacket cheap soon as they Canada Goose online resume (after the current recess), Terkper told Reuters.

CALCULATED canadian goose jacket DECISION In March, Terkper unveiled canada goose plans to trim the fiscal deficit to 9 percent of gross domestic canada goose black friday sale product this year Canada Goose Outlet from 12.1 percent in 2012, while cranking up expenditure by 20 percent.

That disappointed economists who were expecting Ghana to reaffirm a commitment to a deficit of 6 percent of GDP a target it set and then missed by some distance in 2012.

Credit agency Fitch downgraded the stable outlook on its B+ rating to negative in February due to the deteriorating public finances.

But a London based fund manager said Ghana should still be able to cut the cost of servicing the 2007 bond significantly.

have made a calculated decision that they could borrow 200 300 basis points cheaper than they are paying. This cheap Canada Goose is not unreasonable, said Stephen Charangwa, head of fixed income at fund manager Silk Invest.

are paying upwards of 17 percent in the local market and need to turn to cheaper sources, he said, noting Ghana had significantly increased local debt issuance as it attempts Canada Goose sale to close its funding gap.

The country, which is rated B1 by Moody and B with a stable outlook by Standard Poor saw its public debt rise by more than a fifth last year to $18.8 billion.

The director of the International Monetary Fund African Department, Antoinette Sayeh, said on Tuesday there were advantages in the refinancing of debt by African uk canada goose governments.

is access to more financing at relatively low rates for sub Saharan African governments at this point, she told Reuters. of those resources are also being used to Canada Goose Jackets finance infrastructure (and there is) also Canada Goose Parka a benefit canada goose coats there.

The Fund voiced concern in a recent report that sovereign debt cheap canada goose uk issuance in the Eurobond market was not the best way of financing infrastructure projects, but gave no details.

Additional reporting by Sujata Rao and Carolyn Cohn in London; Writing by Matthew Mpoke Bigg and Bate Felix; Editing by John Stonestreet.

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