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.