Bond Bubble Goes Full Retard
Last week it was Rwanda issuing USD-denominated debt at 7% (lower than Spain yields less than a year ago) just as bond yields of 90% of global sovereign bonds are at or near all time lows. And now, moments ago, we just learned that Ghana (nominal 2013 GDP: $42.8 billion) has just upsized its dollar-denominated $750MM bond issue to $1 billion.
We can only assume that this is due to unprecedented demand for yield. Any yield.
Ghana is inviting bids for advisers on transaction, according to information from two people with knowledge of the plans, who asked not to be identified because details aren’t yet public.
Govt plans to sell debt by end of yr: Albert Kofi Asamoa-Baah, an adviser at finance ministry, says by phone, declining to comment on size of offering.
Well, it finally happened