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Government’s Issuance Calendar for April to June, 2020

Government’s Issuance Calendar for April to June, 2020

As part of Government’s effort to improve market transparency in the issuance of Government securities, we forward the attached issuance calendar for publication. The Calendar is developed based on the Net Domestic Financing in the 2020 Budget, the domestic maturities and the Medium Term Debt Management Strategy (MTDS) for 2020-2023.  

The  Calendar  shows  the  securities  that  are  intended  to  be  issued  in  respect  of Government’s Public Sector Borrowing Requirements for the period April to June, 2020. 

Please  note  that  Government  is  expected  to  update  the  issuance  calendar  on  a monthly rolling basis, to reflect a full quarter financing programme. 

The Calendar also takes into consideration Government’s liability management programme, market  developments (both domestic and international) and the Treasury & Debt Management objective of lengthening the maturity profile of the public debt.  

Based on the above and current market conditions, Table 1 provides a summary of the gross borrowing requirement for the period April to June, 2020. The amounts stated in the Calendar are indicative to guide the market and may be revised when transaction adverts are published.

Please  note  that  for  the  period,  Government  plans  to  issue  a  gross  amount  of GHȼ17,957.87 million, of which GHȼ13,680.82 million is to rollover maturities and the remaining  GH¢4,277.05 million  is  fresh issuance to meet Government’s  financing requirements.

Per this calendar, Government aims to build benchmark bonds through the issuance of the following instruments: 

  • the 91-day and 182-day will be issued weekly;  
  • the 364-day bill will be issued bi-weekly through the primary auction with settlement being the transaction date plus one working day;  
  • securities of 2-year up to 10-year will be issued through the book-building method;  
  • issuance of the 20-year bond as a shelf offering will be re-opened based on investors request and on market conditions; and 
  • consistent  with  the  MTDS,  we  may  announce  tap-ins/reopening  of  other  existing instruments depending on market conditions. 

We  believe  the  publication  of  the  2020  April  to  June  Calendar  would  meet requirements  of  market  participants  as  we  strive  to  ensure  greater  predictability  and transparency in the domestic market. 

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