Ghana divides opinion with zero coupon
![AdobeStock_Ghana_down_trading_575x375_31March2021](https://assets.euromoneydigital.com/dims4/default/f21e68f/2147483647/strip/true/crop/575x375+0+0/resize/840x548!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F47%2F3f%2F6c427034ff8c22323041c5460638%2Fadobestock-ghana-down-trading-575x375-31march2021.jpg)
The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.
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